Sensex, Nifty End Off Day's Highs
(RTTNews) - Indian shares ended Monday's session higher despite paring some early gains.
Underlying sentiment was boosted after U.S. president Joe Biden and House speaker Republican Kevin McCarthy have reached an agreement to suspend the $31.4 trillion debt ceiling until Jan. 1, 2025. The deal is now ready to move to Congress for a vote.
Higher levels attracted profit taking as investors fretted over further monetary policy tightening by the Federal Reserve.
The Fed's preferred inflation gauge - the personal consumption expenditures (PCE) price index - came in stronger than expected on Friday and U.S. consumer spending also increased more than expected in April, raising market expectations for another 25-bps rate hike from the Federal Reserve next month.
The benchmark S&P BSE hit an intraday high of 63,026 before finishing 344.69 points, or 0.55 percent, higher at 62,846.38.
The broader NSE Nifty index settled 99.30 points, or 0.54 percent, higher at 18,598.65, after having hit a high of 18,641.20 earlier in the session.
UltraTech Cement, Tata Steel, Coal India, Titan Company and Mahindra & Mahindra jumped 2-3 percent in the Nifty pack, while ONGC led losses to close nearly 3 percent lower after posting a surprise loss in the March quarter.
The dollar edged down in thin European trade and gold prices were little changed while oil eked out modest gains to extend Friday's rally.
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