Sensex Rises 320 Points; Nifty Tops 18,100
(RTTNews) - Indian shares ended Monday's session modestly higher on the back of encouraging earnings updates and dovish comments by Federal Reserve officials.
Global cues were positive after streaming giant Netflix reported stronger than expected subscriber growth, Google parent Alphabet revealed a plan to cut 12,000 jobs globally and Fed officials Patrick Harker and Christopher Waller said they favor a 25-basis-point rate hike at the next meeting.
The benchmark S&P/BSE Sensex climbed 319.90 points, or 0.53 percent, to 60,941.67 while the broader NSE Nifty index settled 90.90 points, or half a percent, higher at 18,118.55.
Tech Mahindra, UPL, Eicher Motors, Hindustan Unilever and Sun Pharma all rose about 2 percent in the Nifty pack, while UltraTech Cement slumped 4.4 percent after posting disappointing quarterly results.
Grasim lost 2 percent while metal stocks such as Tata Steel and JSW Steel fell around 1 percent each.
Yes Bank plunged 8.1 percent on reporting disappointing quarterly results.
IDBI Bank ended on a flat note despite the lender reporting a 60 percent rise in standalone net profit for the December 2022 quarter on improved asset quality.
The rupee traded at a 10-week high in the afternoon while oil prices were seeing modest gains in European trade on hopes around China's demand recovery after the recent easing of travel restrictions.
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