Indian shares rose sharply on Monday, mirroring positive global cues amid expectations that rate hikes by the U.S. Federal Reserve may moderate over time.
Strong economic data on the domestic front, falling oil prices and the rupee’s rebound on the back of a weakening dollar in international markets also buoyed investor sentiment.
India’s manufacturing activity expanded at the fastest pace in eight months in July, driven by significant growth in output and new orders, survey results from S&P Global showed earlier today.
That was in contrast to weak manufacturing data reported elsewhere across Asia and Europe.
GST collections for July remained above Rs.1.4 lakh crore for the fifth straight month in July and monthly automobile sales showed a sharp rise in July, adding to optimism about India’s growth story.
The benchmark S&P BSE Sensex rallied 545.25 points, or 0.95 percent, to settle at 58,115.50 while the broader NSE Nifty index closed up 181.80 points, or 1.06 percent, at 17,340.05.
ONGC, Bharti Airtel, Adani Ports, Mahindra & Mahindra and Tata Motors jumped 3-7 percent in the Nifty pack, while Sun Pharma led losses to close 2.9 percent lower despite reporting healthy Q1 results.
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