Sensex, Nifty Rally On Firm Global Cues
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(RTTNews) - Indian shares ended Monday's session sharply higher after BJP-led alliance scored significant victory in the Maharashtra state assembly elections, raising expectations for increased government spending to boost domestic demand.
Positive cues from global markets also boosted sentiment after Donald Trump nominated Scott Bessent, a billionaire hedge fund manager and an advocate for deficit reduction, to lead the U.S. Treasury Department.
He has advocated, in a Bloomberg interview, for the U.S. to grow its way out of large debts and, in the Wall Street Journal for tax reform and deregulation, particularly to spur bank lending and energy production.
The benchmark S&P/BSE Sensex ended the session up 992.74 points, or 1.25 percent, at 80,109.85 while the broader NSE Nifty index settled at 24,221.90, up 314.65 points, or 1.32 percent, from its previous close.
Intraday, both Nifty and Sensex rose nearly 2 percent to reach their highest levels since November 7.
Shriram Finance, BPCL, Larsen & Toubro, SBI, BEL and ONGC surged 4-5 percent to top the gainers list, while JSW Steel fell 2.3 percent after being replaced by Zomato in the coveted BSE 30.
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