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Sensex, Nifty End With Solid Gains On Firm Global Cues; IT Stocks Underperform
(RTTNews) - Indian shares ended with solid gains on Friday, tracking positive cues from global markets.
Bond yields dipped, oil prices fell after a recent rally and the dollar traded off 10-month highs -helping ease concerns around inflation and further interest rate hikes.
Positive Eurozone inflation and U.K. GDP data also boosted sentiment ahead of Fed's preferred inflation gauge release later in the day.
The RBI's monetary policy meeting next week and upcoming quarterly earnings also remained on investors' radar.
The benchmark S&P BSE Sensex rose 320.09 points, or 0.49 percent, to 65,828.41 while the broader NSE Nifty index settled 114.75 points, or 0.59 percent, at 19,638.30.
Hindalco surged 5.6 percent to pace the gainers in the Nifty pack while Tata Motors, Hero MotoCorp, Dr Reddy's Laboratories and NTPC jumped 3-4 percent. IT stocks fell broadly, with Infosys and LTIMindTree falling around 1 percent after Accenture forecast first-quarter revenue below Wall Street targets.
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