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Sensex Surges 847 Points On Firm Global Cues; Nifty Tops 18,100
(RTTNews) - Indian shares posted strong gains on Monday, mirroring firm cues from global markets as signs of a slowdown in U.S. wage growth stoked hopes of smaller Fed rate hikes in coming months.
Investor sentiment was also underpinned after China reopened its borders for the first time in three years as part of its new policy on COVID-19.
The benchmark S&P BSE Sensex ended the session up 846.94 points, or 1.41 percent, at 60,747.31, while the broader NSE Nifty index settled 241.75 points, or 1.35 percent, higher at 18,101.20.
IT stocks topped the gainers list, with TCS climbing more than 3 percent ahead of its earnings release later in the day.
Rival HCL Technologies also added around 3 percent while IndusInd Bank, SBI Life and Mahindra & Mahindra jumped 3-4 percent. Among the prominent decliners, Titan Company lost 1.90 percent after issuing an update for the third quarter of FY 2022-23. Bajaj FinServ dropped 1.3 percent to extend last week's losses.
The rupee rose by the most in two months against the dollar, while oil prices jumped more than 3 percent in European trade on optimism about demand recovery in China.
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