Sensex, Nifty Extend Gains For Third Day On Dovish Fed Bets
(RTTNews) - Indian shares rose sharply on Monday as weak U.S. jobs and service sector activity data released on Friday helped ease worries about further rate hikes by the Federal Reserve.
It is widely believed that the Fed may not hike interest rates any further. Futures markets currently imply an 86 percent chance the first policy easing would come as soon as June.
Markets also expect the European Central Bank to cut rates by April, and the Bank of England in August.
The benchmark S&P BSE Sensex ended the session up 594.91 points, or 0.92 percent, at 64,958.69, extending gains for a third consecutive session. The broader NSE Nifty index jumped 181.15 points, or 0.94 percent, to 19,411.75.
Divis Laboratories topped the gainers list to end more than 5 percent higher after unveiling its Q2 earnings results.
Larsen & Toubro, Axis Bank, Hero MotoCorp and Eicher Motors rallied 2-3 percent.
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