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Sensex, Nifty See Late-session Rally
(RTTNews) - Indian shares posted strong gains on Tuesday despite mixed global cues and weakness in rupee as the dollar rebounded overseas on growth worries.
China reported weak GDP data for the fourth quarter, but the figures along with other reports on retail sales and industrial production were better than forecasts.
IMF Managing Director Kristalina Georgieva said at the World Economic Forum in Davos, Switzerland that global economic growth will bottom out this year.
Benchmark indexes saw range-bound movement earlier before seeing a late-session rally, led by Reliance Industries and the HDFC twins.
The benchmark S&P BSE Sensex jumped 562.75 points, or 0.94 percent, to 60,655.72 while the broader NSE Nifty index settled 158.45 points, or 0.89 percent, higher at 18,053.30.
Larsen & Toubro topped the gainers list to close 3.7 percent higher on hopes of strong order inflows.
TCS, HCL Technologies, HDFC and Hindustan Unilever added 1-3 percent. Heavyweight Reliance Industries advanced 1.4 percent.
Financials such as SBI, Bajaj FinServ and IndusInd Bank fell between 0.6 percent and 1.6 percent.
Capital goods major Siemens ended slightly lower, giving up earlier gains after signing a Rs. 26,000 crore contract with Indian Railways.
Federal Bank dropped 1.1 percent despite the bank posting strong quarterly results.
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