Indian Shares Climb On Firm Global Cues; Sun Pharma Shares Rally 7%
(RTTNews) - Indian shares rose notably on Monday, with mostly positive cues from global markets helping underpin sentiment.
Benchmark indexes Sensex and Nifty snapped their three-day losing streak after reports emerged that Iran has proposed reopening the Strait of Hormuz and ending the war, while postponing nuclear negotiations to a later stage.
U.S. President Donald Trump is expected to hold a Situation Room meeting with his top national security and foreign policy team later today to discuss potential next steps.
Investors also looked for cues from a slew of central bank meetings due this week, with Jerome Powell holding his last press conference as Federal Reserve Chair on Wednesday.
The benchmark BSE Sensex jumped 639.42 points, or 0.83 percent, to 77,303.63, while the NSE Nifty index settled 194.75 points, or 0.81 percent, higher at 24,092.70. The mid-cap and small-cap indexes on the BSE soared 1.4 percent and 2 percent, respectively.
The market breadth was strong on the BSE, with 3,076 shares rising while 1,285 shares declined and 195 shares closed unchanged.
Among the top gainers, Sun Pharma shares soared 7 percent after the company signed a definitive agreement to acquire New Jersey-based Organon & Co in an all-cash deal.
Among other prominent gainers, TCS, HCL Technologies, Mahindra & Mahindra, Tech Mahindra, NTPC, Adani Ports and Reliance Industries rallied 2-3 percent.
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