Sensex, Nifty End Notably Higher On Firm Global Cues
(RTTNews) - Indian shares rose notably on Friday to extend gains from the previous session, as worries about a crisis in the U.S. and European banking sector eased and investors looked forward to a smaller rate hike from the Federal Reserve next week.
Credit Suisse Group received a liquidity lifeline from the Swiss National Bank and big U.S. banks put together rescue effort for First Republic Bank, easing worries over a possible spreading of risks throughout financial system.
The focus shifted to the Federal Reserve's meeting next week, where the U.S. central bank is expected to hike rates by a smaller 25 basis points rather than a 50-basis point rate hike expected earlier.
The benchmark S&P BSE Sensex jumped 355.06 points, or 0.62 percent, to 57,989.90 while the broader NSE Nifty index settled 114.45 points, or 0.67 percent, higher at 17,100.05.
JSW Steel, UPL, UltraTech, Hindalco and HCL Technologies rallied 2-4 percent in the Nifty pack while Power Grid Corp, ITC, Maruti Suzuki India, NTPC and Eicher Motors dropped 1-2 percent.
Defense-related stocks soared, with Bharat Electronics, Bharat Dynamics and HAL gaining 2-3 percent after the Defense Acquisition Council accorded Acceptance of Necessity to projects worth Rs 70,500 crore.
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