Indian Shares Climb On Fading Fed October Hike Bets
(RTTNews) - Indian shares rose sharply on Monday as investors trimmed bets on an aggressive policy tightening cycle by the U.S. Federal Reserve.
After Friday's data showed much weaker-than-expected U.S. job growth in September, traders reduced their expectations for a potential Federal Reserve rate hike later this month.
Steadier crude oil prices in international markets also helped ease some concerns around inflation and input costs ahead of the Reserve Bank of India's monetary policy announcement due this week.
The benchmark 30-share BSE Sensex surged 472.77 points, or 0.66 percent, to 72,382.47, with underlying sentiment boosted by firm global cues and solid Q2 updates from banks.
The NSE Nifty index rose 133.80 points, or 0.60 percent, to 22,555.75, snapping its four-day losing streak.
The BSE mid-cap and small-cap indexes rose 0.4 percent and 0.3 percent, respectively. The market breadth was weak on the BSE, with 2,372 shares falling while 2,121 shares rose and 267 shares closed unchanged.
Among the top gainers, Reliance Industries, ICICI Bank, Adani Ports, Bajaj Finance, Bharti Airtel, Eternal and ITC jumped 2-4 percent.
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