Sensex Nifty Rally As Bank Worries Ease
(RTTNews) - Indian shares posted strong gains on Friday, the last day of fiscal 2022-23, as traders returned to their desks after a holiday the previous day for Sri Ram Navami.
Positive global cues and fresh foreign fund inflows helped underpin sentiment, as contagion fears from the banking crisis continued to ease and investors pinned hopes for a pause in rate hikes by the Federal Reserve later this year.
The benchmark S&P/BSE Sensex jumped 1,031.43 points, or 1.78 percent, to 58,991.52 while the broader NSE Nifty index settled 279.05 points, or 1.63 percent, higher at 17,359.75, led by technology and banking stocks.
Heavyweight Reliance Industries topped the gainers list to close 4.3 percent higher at Rs. 2,330.95 after the company called a shareholder meeting on May 2 to approve the demerger of its financial services business.
Tata Motors, ICICI Bank, Infosys and Nestle India all rose around 3 percent while Sun Pharma and Apollo Hospitals Enterprise fell around 1 percent each.
The rupee traded higher in the afternoon while oil prices were slightly lower on mixed China data and ahead of the release of key U.S. inflation data that might offer additional clarity on the U.S. rate outlook.
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