Sensex, Nifty Rally As Inflation Worries Ease
(RTTNews) - Indian shares rose notably on Monday, as robust U.S. jobs data helped ease recession fears and oil started the week on a sluggish note in reaction to mixed Chinese trade data.
Also helping underpin investor sentiment, the latest RBI survey of households showed that their median inflation perception moderated by 80 basis points to 9.3 percent in July.
Earlier in the day, customs data showed that Chinese exports grew 18 percent in July, sending trade surplus to a record high and easing concerns over waning global demand.
However, imports remained sluggish with a 2.3 percent increase year-on-year.
The benchmark S&P BSE Sensex jumped 465.14 points, or 0.80 percent, to 58,853.07, while the broader NSE Nifty index closed up 127.60 points, or 0.73 percent, at 17,525.10.
Mahindra & Mahindra rallied 3.2 percent on reporting a 67 percent rise in Q1 standalone net profit.
Hindalco, NTPC, Bajaj FinServ and Coal India all rose about 3 percent. Digital payments firm Paytm surged 6.5 percent after its parent firm One97 Communications posted an 89 percent surge in its quarterly revenue, helped by higher number of monthly users, additional payment devices and more disbursal of loans.
On the flip side, state-run oil marketing firm BPLC lost 3 percent after it logged a Rs. 6,148 crore in the first quarter ended June.
SBI gave up 2.1 percent after the country's biggest state-owned lender reported a 6.7 percent fall in Q1 net profit, missing the Street estimates by a wide margin due to a huge hit on the market value of the bank's government bond investments.
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