Markets

Sensex, Nifty Follow Global Peers Higher

(RTTNews) - Indian shares followed global peers higher on Friday as investors cheered signs of resolution of trade dispute between the United States and China.

Underlying sentiment was also helped by reports suggesting that the government may soon offer measures to boost exports.

The benchmark S&P BSE Sensex ended the session up 337.35 points, or 0.92 percent, at 36,981.77 while the broader NSE Nifty index climbed 98.30 points, or 0.91 percent, to 10,946.20.

The Sensex and Nifty fell 0.9 percent and 0.7 percent, respectively for the week.

Maruti Suzuki shares rallied 3.9 percent on expectations the government would take steps to reverse the slowdown in the auto industry.

Tech Mahindra also gained 3.9 percent after the company won a more than $1 billion contract from its largest customer AT&T.

Indiabulls Housing Finance slumped 4.6 percent after reports that a PIL has been filed against the company and its promoters in Delhi High Court on allegation of siphoning-off of funds.

Axis Bank, NTPC and Tata Steel all rose over 3 percent while HCL Technologies, Wipro, Sun Pharma and Yes Bank dropped 1-2 percent.

Globally, Asian stock markets ended broadly higher today after overnight data showed that U.S. services sector activity accelerated in August and private employers boosted hiring, helping ease investor worries over slowing growth.

European stocks rose in early trade after China's central bank proposed to cut the reserve requirement ratio for financial institutions by 50 basis points from Sept. 16 in the latest effort to inject liquidity into an economy facing headwinds to growth.

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