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Sensex, Nifty Snap Two-day Losing Streak As Focus Shifts To RBI
(RTTNews) - Indian shares rose on Monday as soft U.S. jobs data signaling a sharp deterioration in labor market conditions fueled bets of imminent Federal Reserve rate cuts.
Underlying sentiment was also supported by falling oil prices on supply glut fears and a weaker dollar due to tariff-related worries and growing fears of political influence on key institutions in the U.S.
As growth concerns re-emerge, investors also looked ahead to the Reserve Bank of India's monetary policy decision on August 6 for directional cues.
Economists are split on whether RBI's monetary policy board will continue cutting rates amid U.S. tariff shock and growth risks.
The BSE Sensex jumped 418.81 points, or, 0.52 percent, to 81,018.72, snapping a two-day losing streak.
The broader NSE Nifty index surged 157.40 points, or 0.64 percent, to 24,722.75 while the BSE mid-cap and small-cap indexes climbed 1.1 percent and 0.8 percent, respectively.
The market breadth was strong on the BSE, with 2,293 shares rising while 1,837 shares fell and 177 shares closed unchanged.
Among the top gainers, Tata Steel and BEL both rose around 4 percent while Bharti Airtel, TCS, Tech Mahindra and Adani Ports rallied 2-3 percent.
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