Sensex Soars 1,276 Points Amid Global Rally; Nifty Nears 17,300
(RTTNews) - Indian shares posted strong gains on Tuesday on the back of improved global sentiment, as the dollar extended its slide and bond yields declined in response to weak U.S. data released overnight.
While U.S. manufacturing activity grew at its slowest pace in nearly 2-1/2 years, construction spending fell by the most in 1-1/2 years in August, separate data showed on Monday - raising hopes for slower Federal Reserve tightening going forward.
Sentiment was also underpinned after the British government abandoned a tax cut plan and the Reserve Bank of Australia surprised markets by slowing the pace of interest rate rises, saying it wants to strike a balance between tightening policy and ensuring that economic growth remains steady.
The benchmark S&P BSE Sensex jumped 1,276.66 points, or 2.25 percent, to 58,065.47 while the broader NSE Nifty index settled up 386.95 points, or 2.29 percent, at 17,274.30.
The rupee staged a sharp comeback, ending at 81.52 per U.S. dollar after hitting a high of 81.3650 earlier in the day.
Among the top gainers, TCS, Coal India, Bajaj Finance, Adani Ports and IndusInd Bank rallied 4-5 percent.
Britannia Industries rose over 1 percent after it acquired control of Kenafric Biscuits, Kenya.
Indian stock markets will remain closed on Wednesday on account of Dussehra festival celebrations across the country.
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Asian Markets Trade Mixed
