Sensex, Nifty Rally; Auto And IT Stocks Top Gainers
(RTTNews) - Indian shares followed global peers higher on Friday as strong U.S. retail sales data and low weekly jobless claims figures soothed fears of an impending recession in the world's largest economy.
This week's benign U.S. producer price and consumer price inflation reports also re-affirmed bets for a 25-bps rate cut by the Federal Reserve in September.
The benchmark S&P/BSE Sensex ended the session up 1,330.96 points, or 1.68 percent, at 80,436.84 while the broader NSE Nifty index closed at 24,541.15, up 397.40 points, or 1.65 percent, from its previous close.
Among the prominent gainers, Tata Motors, Mahindra & Mahindra, Grasim, Tech Mahindra and Wipro surged 3-4 percent.
Second-line stocks also posted strong gains, with the mid-cap and small-cap indexes on the BSE rising 1.80 percent and 1.70 percent, respectively.
The market breadth was extremely positive, with 2,464 stocks advancing on the BSE while 106 ended unchanged and 1,466 declined.
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