Sensex, Nifty Surge Amid Global Rally; Auto Stocks Underperform
(RTTNews) - Indian shares rallied on Friday as cooling U.S. inflation fueled hopes the Federal Reserve would soon start scaling down the size of its interest-rate hikes.
The rupee was up 95 paise at 80.86 in the afternoon as bond yields tumbled and the dollar weakened in international markets on hopes for a more dovish Fed.
Sentiment was also boosted after China cut quarantine restrictions for inbound travelers and flights.
The benchmark S&P BSE Sensex soared 1,181.34 points, or 1.95 percent, to 61,795.04 -hitting a 52-week high.
The broader NSE Nifty index also hit a 52-week high, closing up 321.50 points, or 1.78 percent, at 18,349.70.
Financials led the surge, with the HDFC twins both climbing around 5.7 percent.
IT stocks followed suit after the tech-heavy Nasdaq Composite index soared 7.4 percent overnight in response to a lower-than-expected inflation print. HCL Technologies, Tech Mahindra and Infosys jumped 3-5 percent.
Auto stocks underperformed, with Eicher Motors falling 4.9 percent after its Q2 profit missed Street estimates. Hero Moto Corp gave up 1.8 percent and Mahindra & Mahindra shed 0.7 percent.
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