Sensex Ends 449 Points Higher; Nifty Tops 11,850

(RTTNews) - Indian shares rose sharply on Monday, with financials leading the surge after the country's largest private lender HDFC Bank reported strong earnings for the September quarter, raising hopes that other private banks could follow suit.

U.S. stimulus hopes and expectations of a Covid-19 vaccine by year-end also offered some support.

The benchmark S&P BSE Sensex jumped 448.62 points, or 1.12 percent, to 40,431.60, while the broader NSE Nifty index ended up 110.60 points, or 0.94 percent, at 11,873.05.

HDFC Bank ended modestly higher, giving up early gains after reporting better-than-expected numbers in the September quarter.

HDFC Life rallied 2.3 percent and Britannia Industries rose half a percent ahead of their earnings announcements.

Jet Airways soared 5 percent after the committee of creditors of the airline approved a revival plan.

SBI and Axis Bank jumped over 4 percent while ICICI Bank surged 5.1 percent.

On the flip side, Bajaj Auto, Cipla, Hero MotoCorp, Eicher Motor and Divi's Laboratories fell 2-4 percent.

Globally, other Asian markets ended mixed as lingering hopes for a new U.S. stimulus package were offset by data showing that China's economy expanded at a slower rate than expected in July-September.

European stocks rose in early trade as encouraging earnings news from the likes of Julius Baer and Philips coupled with renewed hopes for more U.S. stimulus outweighed worries about fresh restrictions across the continent due to rising Covid-19 numbers.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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