Sensex, Nifty Extend Gains For Second Day Despite Weak GDP Data
(RTTNews) - Indian shares rose notably to reach one-month highs on Monday as investors took weak Q2 GDP data as well as U.S. President-elect Donald Trump's tariff threat in their stride.
India's Q2 GDP data came in much lower at 5.4 percent against the estimate of 6.5 percent.
Analysts said there would be a rebound in the second half of the fiscal year due to higher government spending, the ongoing festival season, and robust rural consumption.
Investors also shrugged off global factors such as political uncertainty in France and Donald Trump seeking a commitment from the BRICS nations on using the dollar.
The benchmark S&P/BSE Sensex climbed 445.29 points, or 0.56 percent, to 80,248.08 while the broader NSE Nifty index settled at 24,276.05, up 144.95 points, or 0.60 percent, from its previous close.
Among the top gainers, UltraTech Cement rallied 3.8 percent and Grasim Industries added 3.1 percent following reports that cement companies plan to increase prices.
JSW Steel, Shriram Finance and Apollo Hospitals Enterprise all rose around 3 percent. On the losing side, SBI Life, Cipla, NTPC and HDFC Life fell 1-3 percent.
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