Sensex Climbs 555 Points; Nifty Closes At 24,625
(RTTNews) - Indian shares rose sharply on Monday as new data showed the Indian economy remains on a solid footing.
The GDP print for the first quarter stood at 7.8 percent, the highest in five quarters and coming well above the consensus estimate of 6.8 percent.
Traders also welcomed a U.S. federal appeals court ruling that most of President Donald Trump's tariffs, impacting numerous trading partners, were illegal.
The 7-4 ruling by the U.S. Court of Appeals for the Federal Circuit affirmed a lower court's finding that Trump had exceeded his authority in tapping emergency economic powers to impose wide-ranging duties.
At the same time, the judges allowed the tariffs to stay in place through mid-October, giving Trump time to take the fight to the Supreme Court.
The benchmark BSE Sensex jumped 554.84 points, or 0.70 percent, to 80,364.49 while the broader NSE Nifty index closed up 198.20 points, or 0.81 percent, at 24,625.05.
The BSE mid-cap and small-cap indexes soared 1.6 percent and 1.5 percent, respectively.
The market breadth was strong on the BSE, with 2,800 shares rising while 1,387 shares declined and 193 shares closed unchanged.
Among the top gainers, Mahindra & Mahindra climbed 3.7 percent and Tata Motors added 3.2 percent after unveiling their vehicle sales figures for August.
Adani Ports, Tech Mahindra, Infosys, Asian Paints, Eternal and Trent rallied 2-3 percent.
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