Sensex, Nifty Rally On Global Cues; IT And Auto Stocks Lead Gains
(RTTNews) - Indian shares opened on a positive note Monday, mirroring firm global cues as investors awaited this week's Federal Reserve meeting for clues on whether a pivot on the pace of rate hikes is on the table.
The benchmark S&P BSE Sensex jumped 604 points, or 1 percent, to 60,564 in early trade, while the broader NSE Nifty index was up 182 points, or 1 percent, at 17,969.
IT and auto stocks topped the gainers list, with Infosys, Eicher Motors, Mahindra & Mahindra, Maruti Suzuki India and Tech Mahindra all rising around 2 percent.
Bharti Airtel and Larsen & Toubro were up around 1 percent each ahead of their earnings results.
Maruti Suzuki India rallied 2.2 percent. The carmaker is recalling 9,925 units of its three models, Wagon R, Celerio and Ignis, to rectify a possible defect in a rear brake assembly pin.
IOC was little changed after posting a Rs. 272-crore loss in the September quarter. Vedanta edged down slightly as it reported a 61 percent decline in consolidated net profit for the September quarter on the back of higher expenses.
Dr Reddy's Laboratories added 1.7 percent on posting a 12 percent growth in Q2 consolidated net profit.
Hero MotoCorp rose about 1 percent. The two-wheeler manufacturer said it has registered retail growth of 20 percent year-on-year during the festive period.
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