Indian Stocks Surge On Election Results, Rate Cut Hopes
(RTTNews) - Indian stocks rallied on Monday amidst strong election wins for the BJP, the ruling party of the central government. Expectations of rate cuts by the Fed also swayed sentiment ahead of PMI updates on Tuesday and Reserve Bank of India's interest rate decision on Thursday.
S&P BSE Sensex closed at a life-time high of 68,865.12, a gain of 1384 points or 2.05 percent from the previous close. ICICI Bank was the top gainer in the S&P BSE Sensex with a 4.68 percent uptick. SBI, Larsen & Toubro, Kotak Mahindra Bank, Indusind Bank, HDFC Bank, Ultratech Cement, all gained more than 3 percent.
Wipro, Tata Motors and Titan however edged lower in the day's trading.
At the sectoral level, Oil & Gas was the top-gainer with a 3.8 percent uptick, followed by Bankex which advanced 3.6 percent. All sectoral indexes traded in the green.
The broader S&P Nifty 50 opened at 20,601.95 and touched a high of 20,702.65 and low of 20,507.75. The index closed at 20,686.80, gaining 419 points or 2.1 percent from Friday's close.
Eicher Motors topped with a 7.5 percent rally. Adani Enterprises and Adani Ports, both gained more than 6 percent.
HDFC Life was the biggest laggard, declining 0.83 percent.
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