Sensex, Nifty Rally On Upbeat Macro Data
(RTTNews) - Indian shares rallied on Friday, with positive global cues along with encouraging Q1 GDP, core sector output and manufacturing PMI data bolstering sentiment.
Cues from Asia and Europe were mostly positive as China rolled out more stimulus and a private survey showed manufacturing activity in the country unexpectedly expanded in August.
The downturn in the euro zone manufacturing sector eased last month while closer home, India's manufacturing PMI hit a nearly three-year high in August despite the presence of stronger cost inflationary pressures.
Sentiment was also buoyed as the dollar weakened and bond yields dipped on growing expectations that the Federal Reserve is done with raising rates.
Recent data from the U.S. has been on the soft side, prompting traders to dial back rate-hike bets for the Fed's September, November and December meetings.
The benchmark S&P BSE Sensex jumped 555.75 points, or 0.86 percent, to 65,387.16 while the broader NSE Nifty index settled 181.50 points, or 0.94 percent, at 19,435.30.
Among the top gainers, Tata Steel, JSW Steel, ONGC, Jio Financial Services and NTPC soared 3-5 percent.
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