Indian shares rose sharply on Monday, with benchmark indexes Sensex and the Nifty both climbing over 1 percent to close at fresh record highs, on the back of positive global cues buoyed by the Fed commentary.
The benchmark 30-share BSE Sensex hit as high as 56,958.27 earlier in the day before ending the session up 765.04 points, or 1.36 percent, at a record closing high of 56,889.76.
The broader NSE Nifty index ended up 225.85 points, or 1.35 percent, at a record high of 16,931.05, after having earlier breached the 16,900-mark for the first time ever to touch a record high of 16,951.50.
The rupee surged to over two-month high against the dollar after Federal Reserve Chair Jerome Powell sounded more cautious than other Fed officials when talking about tapering.
In a virtual speech at the Jackson Hole Economic Symposium last Friday, Powell signaled the central bank is likely to begin tapering some of its easy-money policies before the end of the year but there’s “much ground to cover” before rate hikes happen.
Bharti Airtel shares jumped 5 percent after the telecom major’s board approved raising capital up to Rs. 21,000 crore via a rights issue.
Coal India, Tata Steel, Axis Bank and Divis Laboratories rallied 3-4 percent while Eicher Motors, Nestle India and Tech Mahindra all ended down over 1 percent.
Market Analysis
Sensex Soars 765 Points; Nifty Tops 16,900
2021-08-30 10:43:49
