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Sensex, Nifty Rally Led By Financials
(RTTNews) - Indian shares rose sharply on Friday, with financials leading the surge amid hopes that the global rate hiking cycle would end soon.
The RBI's monetary policy review meeting is scheduled next week, with analysts expecting the central bank to shift to a neutral stance after delivering a final 25-bps rate hike.
Gains in rupee and easing oil prices also offered some support while investors shrugged off data showing that growth in India's services sector dipped slightly in January.
The benchmark S&P/BSE Sensex hit an intraday high of 60,905.34 before paring some gains to end the session up 909.64 points, or 1.52 percent, at 60,841.88.
The broader NSE Nifty index settled 243.65 points, or 1.38 percent, higher at 17,854.05 after having hit a high or 17,870.30 earlier in the session.
Titan Company topped the gainers list to close 6.5 percent higher as it reported a 4 percent year-on-year (YoY) drop in Q3 standalone net profit.
HDFC Bank, Bajaj Finance and Bajaj FinServ added 3-5 percent.
On the flip side, Divis Laboratories plummeted 12 percent after its Q3 profit fell more than expected.
Adani Group shares ended mixed, with Adani Enterprises falling 2.2 percent while Adani Ports jumped 5.6 percent.
French energy giant TotalEnergies, which had in past years taken stakes in two Adani group listed firms, said it has not performed any revaluation of its holdings because of stock market volatility following allegations of fraud.
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