Sensex, Nifty Rally Led By Financials

(RTTNews) - Indian shares rose sharply on Monday, with positive global cues helping underpin sentiment amid hopes for a coronavirus treatment as well as signs of a thaw in U.S.-China tensions.

Investor sentiment was boosted after U.S. regulators authorized the use of blood plasma from recovered patients as a treatment option for Covid-19.

Separately, a report in the Financial Times said that the Trump administration is considering by-passing normal U.S. regulatory standards to fast-track an experimental coronavirus vaccine from the U.K. for use in America ahead of the nation's upcoming presidential election.

Meanwhile, a Bloomberg report citing people familiar with the matter said that Trump's team is privately seeking to reassure U.S. companies that they can still do business with the WeChat messaging app in China.

The benchmark S&P BSE Sensex jumped 364.36 points, or 0.95 percent, to 38,799.08, while the broader NSE Nifty index ended up 94.85 points, or 0.83 percent, at 11,466.45.

Zee Entertainment Enterprises surged 4.8 percent after veteran investor and the company's Independent Director Manish Chokhani bought around 1 lakh shares of the company.

Maruti Suzuki, Bajaj FinServ, ICICI Bank, HDFC Bank, Bajaj Finance, IndusInd Bank and Kotak Mahindra Bank climbed 2-3 percent.

Bharti Airtel rose over 2 percent as the Supreme Court reserved the judgment on the issue of adjusted gross revenue (AGR) dues from telecom companies.

Adani Group companies shares were in demand amid reports the Group is close to acquiring a 74 percent stake in Mumbai International Airport. Adani Gas, Adani Transmission, Adani Enterprises and Adani Green Energy soared 4-10 percent.

On the flip side, Grasim, Hindalco, Adani Ports, Mahindra & Mahindra and Power Grid Corp of India dropped 1-2 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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