Sensex Rises 354 Points, Nifty Tops 11,650

(RTTNews) - Indian shares rose for the sixth consecutive session on Friday, with financials leading the surge as the Federal Reserve's dovish message on the future path of interest rates meant that U.S. interest rates will stay ultra-low for as long as needed to support the world's largest economy.

The benchmark S&P BSE Sensex climbed 353.84 points, or 0.90 percent, to 39,467.31, while the broader NSE Nifty index ended up 96 points, or 0.83 percent, at 11,655.25.

Both the indexes extended gains for a sixth straight session and ended at their highest level since February 27.

IndusInd Bank shares surged as much as 12 percent after UBS upgraded its rating on the stock. ICICI Bank, SBI, UPL and Axis Bank jumped 4-8 percent, while Infosys, PowerGrid Corp, Dr Reddy's Laboratories, HeroMoto Corp and JSW Steel dropped 1-3 percent.

Shares of defence equipment manufacturers posted strong gains, a day after Prime Minister Narendra Modi called for self-reliance in defence production.

Bharat Electronics rose 1.3 percent, BEML gained 2.2 percent and Bharat Dynamics rallied 3.2 percent.

The rupee gained for a third straight session today and hit its highest level in nearly six months as foreign investors piled into equity markets and the Reserve Bank of India refrained from currency intervention.

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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