Sensex, Nifty Rally As Rate Hike Worries Ease
(RTTNews) - Indian shares opened on a strong note Monday after U.S. stocks rose sharply on Friday on the back of encouraging earnings reports and promising retail sales and consumer sentiment data.
Other Asian markets also advanced this morning as bets on more aggressive Federal Reserve tightening receded.
The benchmark S&P BSE Sensex jumped 372 points, or 0.7 percent, to 54,132 in early trade, while the broader NSE Nifty index was up 122 points, or 0.8 percent, at 16,170.
Titan Company, Larsen & Toubro, Tech Mahindra, Infosys and Hindalco gained 2-3 percent in the Nifty pack, while HDFC Bank fell about 1 percent despite reporting a 19 percent increase in Q1 net profit.
Jindal Steel and Power rallied 1.2 percent after its first-quarter results topped expectations.
Vedanta jumped 1.7 percent. The company is seeking shareholder approval for related-party transactions worth Rs 8,661 crore.
BEL soared 6 percent and Oberoi Realty added 1.1 percent after posting robust financial results.
ICICI Prudential Life rose 0.6 percent after the value of its new business (VNB)margins came ahead of estimates.
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