Sensex Soars 787 Points; Nifty Tops 18,000
(RTTNews) - Indian shares rallied on Monday after a broad-based rally on hopes for a slowdown in some central banks' rate hikes sent Wall Street to a sharply higher close on Friday.
Falling oil prices also offered some support, helping offset weak China data pointing to further loss of momentum in the world's second-largest economy.
The rupee was marginally lower as the dollar recovered in international markets ahead of a busy week of earnings, economic data releases and central bank meetings, with the Federal Reserve expected to deliver another 75-basis points rate hike on Wednesday.
The benchmark S&P BSE Sensex jumped 786.74 points, or 1.31 percent, to 60,746.59 while the broader NSE Nifty index settled at 18,012.20, up 225.40 points, or 1.27 percent, from its previous close.
Among the top gainers, UltraTech Cement surged 4.1 percent on hopes of demand recovery in coming months post monsoon. Peers India Cements, Ambuja Cements, ACC, Shree Cement and JK Cement soared 2-5 percent.
Larsen & Toubro, HDFC, Mahindra & Mahindra and Eicher Motors climbed 2-3 percent.
Maruti Suzuki India rose half a percent to extend gains for a fifth straight session after the country's largest car maker on October 28 reported a massive 334 percent year-on-year growth in its standalone net profit for the September quarter.
Private sector lender Bandhan Bank slumped 9.8 percent on brokerage downgrades after its quarterly profit missed estimates.
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