Markets

Sensex Rises 377 Points; Nifty Nears 11,900

(RTTNews) - Indian shares shrugged off weak global cues to end sharply higher Tuesday on expectations of higher foreign inflows.

Banks and financials led the surge after MSCI Inc. announced that it will make changes to its global indexes following revisions in the country's ownership limits.

"MSCI India's weight in MSCI Emerging Market Index will increase to 8.7 percent (due to weight increases for current constituents) and 8.8 percent (due to new additions) from the current level of 8.1 percent, resulting in passive inflows of $1.93 billion and $0.6 billion, respectively," said Morgan Stanley.

The benchmark S&P BSE Sensex jumped 376.60 points, or 0.94 percent, to 40,522.10, while the broader NSE index ended up 121.65 points, or 1.03 percent, at 11,889.40.

Kotak Mahindra Bank jumped nearly 12 percent to pace the gainers after posting a good set of numbers for the September quarter.

Bajaj Finance, Shree Cement, Asian Paints and Nestle India surged 4-6 percent while IT stocks such as Wipro, Infosys and TCS dropped 1-2 percent.

Global stocks were sluggish amid coronavirus-related worries as well as widespread uncertainty over the U.S. presidential election outcome.

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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