Senex, Nifty Extend Gains For Second Day On Fed, China Optimism
(RTTNews) - Indian shares eked out modest gains on Monday, with a weaker dollar and a decline in bond yields last week helping underpin investor sentiment.
Global cues were supportive after soft U.S. jobs and manufacturing data boosted hopes the Federal Reserve is nearing the end of its tightening cycle. Markets also cheered news of additional stimulus in China.
The benchmark S&P BSE Sensex rose 240.98 points, or 0.37 percent, to 65,628.14, extending gains for a second straight session.
The broader NSE Nifty index settled 93.50 points, or 0.48 percent, higher at 19,528.80.
Jio Financial Services, HCL Technologies, UltraTech Cement, Wipro and Coal India jumped 4-5 percent in the Nifty pack while Axis Bank, ITC, Nestle India and Mahindra & Mahindra all fell about 1 percent.
Railway stocks surged on heavy volumes, with IRFC climbing 20 percent, IRCTC adding 2.2 percent and Rail Vikas Nigam surging 11.5 percent after reports of a new plan of the Ministry of Railways to seek Cabinet approval for a Rs. 5.25 lakh crore investment program during fiscal years 2024-31 to improve rail connectivity to mining areas, cement plants, and consumption points.
IDFC First Bank jumped 5.8 percent after GQG Partners Emerging Markets Equity Fund, GQG Partners International Opportunities Fund bought a 2.6 percent stake in the lender through block deals on Friday.
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