Sensex, Nifty Follow Global Peers Higher As US Recession Fears Fade
(RTTNews) - Indian shares were notably higher on Friday as strong retail sales data and lower-than-expected weekly jobless claims figures helped ease fears of a looming recession in the United States.
The benchmark S&P/BSE Sensex was up 620 points, or 0.8 percent, at 79,730 in early trade while the broader NSE Nifty index was up 178 points, or 0.7 percent, at 24,322.
Among the top gainers, Tata Motors, TCS, Hindalco, LTIMindtree and Mahindra & Mahindra surged 2-3 percent.
Financials traded lower, with insurers SBI Life and HDFC Life falling 1 percent and 2 percent, respectively.
Ola Electric Mobility soared 12 percent after launching a new series of motorcycles.
Tata Steel climbed 1.1 percent after it acquired 115.92 crore shares worth $182 million of its Singapore-based subsidiary, T Steel Holdings Pte.
Power Mech Projects jumped 3.6 percent on bagging an order worth Rs. 114.30 crore from Coastal Energen.
NBCC (India) added 1 percent on securing an order worth Rs. 528.21 crore from the Directorate of Medical Education and Research in Haryana.
Glenmark Pharmaceuticals rose 0.8 percent despite more than doubling its Q1 net profit.
SpiceJet dropped half a percent as quarterly profit slipped 20 percent from a year earlier.
SBI gained half a percent after hiking lending rates.
Sun Pharmaceuticals Industries edged up slightly. The company has agreed to acquire over 5 percent stake in Delaware-based Pharmazz Inc. for up to $15 million.
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