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Indian Shares Soar Ahead Of GDP Data
(RTTNews) - Indian shares soared on Tuesday, reversing the meltdown in the previous session, following Fed Chair Jerome Powell's hawkish speech in Jackson Hole.
The benchmark S&P BSE Sensex jumped 1,564.45 points, or 2.70 percent, to 59,537.07 while the broader NSE Nifty index settled at 17,759.30, up 446.40 points, or 2.58 percent, from its previous close.
Short covering as well as bargain hunting in beaten-down shares helped offer some support as investors awaited GDP data for the June quarter due out later in the day. According to Barclays, India's GDP growth accelerated to 16 percent year-on-year in Q1FY23.
A rebound in Asian and European markets coupled with a sharp fall in oil prices in European trade also boosted sentiment ahead of Wednesday's Ganesh Chaturthi holiday. Financials topped the gainers list amid expectations that they would benefit from rising interest rates.
ICICI Bank, IndusInd Bank, Bajaj Finance and Bajaj FinServ rallied 4-5 percent.
IT stocks rebounded from the previous session's losses, with Tech Mahindra surging 3.9 percent. There were no losers in the Nifty pack.
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