Sensex, Nifty Rally On US Economic Optimism
(RTTNews) - Indian shares opened on an upbeat note Monday, as new U.S. data showing lower consumer spending and cooling inflation fueled hopes the Federal Reserve could be nearing its rate-hiking cycle.
The benchmark S&P/BSE Sensex was up 420 points, or 0.7 percent, at 65,138 in early trade, while the broader NSE Nifty index was up 122 points, or 0.6 percent, at 19,311.
HDFC Bank jumped 2 percent and HDFC climbed 2.6 percent post their merger.
NMDC rallied 2 percent after achieving its best ever production and sales in June and the April-June quarter.
Eicher Motors, Grasim and JSW Steel all were up around 2 percent.
Mazagon Dock Shipbuilders soared 6.2 percent on winning a contract worth Rs. 2,724.63 crore from Indian Navy.
Tata Motors rose half a percent after reporting a marginal increase in total domestic sales in June.
Hero MotoCorp was little changed after reporting a decline in total sales in June and amid the price hike buzz.
Maruti Suzuki India dropped half a percent after overall sales rose 2.3 percent in June.
Coal India traded flat despite reporting its highest ever production during the first quarter of any year.
Aditya Birla Capital edged down slightly after completing fund raising of Rs 3,000 crore.
Bank of Baroda rose slightly on reports it plans to divest up to 49 percent stake in its credit card arm.
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