Sensex Zooms Nearly 1,300 Points; Nifty Tops 24,800
(RTTNews) - Indian shares rallied on Friday after falling for five consecutive sessions.
Firm global cues helped boost sentiment after data showed the U.S. economy expanded faster than expected and inflation slowed in the second quarter, suggesting a soft landing is in sight for the world's largest economy.
Markets have raised their expectations for three rate cuts by the end of the year, with some economists expecting the Fed's first rate cut to be extra-large.
The benchmark S&P BSE Sensex jumped 1,293 points, or 1.62 percent, to 81,333 while the broader NSE Nifty index closed at 24,835, up 429 points, or 1.76 percent, from its previous close.
The mid-cap and small-cap indexes on the BSE rose 2.1 percent and 1 percent, respectively.
Shriram Finance soared 9.5 percent after the company reported an 18 percent rise in first-quarter profit on strong demand in its key lending segments.
Pharmaceutical firm Cipla surged 5.8 percent on strong Q1 earnings and rival Divis Laboratories climbed 5.4 percent while Bharti Airtel and Apollo Hospitals Enterprise both rose over 4 percent.
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