Sensex, Nifty Rally After Wall Street Rebound

(RTTNews) - Indian shares posted strong gains on Monday after Wall Street stocks rebounded in volatile trading Friday.

Technology stocks bounced back after weaker-than-expected U.S. consumer spending and labor cost readings helped ease inflation fears.

Growth optimism also buoyed sentiment after the Economic Survey 2021-22 tabled in Lok Sabha pegged the Indian economy to grow at 8.0-8.5 percent in the financial year 2022-23 (FY23), saying that economic activity has recovered to the pre-pandemic level.

The government is scheduled to present the Union Budget 2022 on 1st February at 11:00 AM.

The benchmark 30-share S&P BSE Sensex ended at 58,014.17, up 813.94 points, or 1.42 percent, from its previous close. The broader NSE Nifty index jumped 237.90 points, or 1.39 percent, to finish at 17,339.85.

Bajaj FinServ, BPCL, Wipro, Tata Motors and Tech Mahindra climbed 3-5 percent, while IndusInd Bank led losses to end 3.5 percent lower. Kotak Mahindra Bank lost 2.2 percent and Coal India fell 1.4 percent.

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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