Plus   Neg

Sensex Rises 383 Points To Reclaim 37,000; Nifty Ends At 11,176

Indian shares rallied on Monday to hit their highest level in 2019 after a nationwide opinion poll showed that the ruling party alliance led by Narendra Modi would sweep a majority of parliamentary seats up for grabs in the general election starting April 11.

The Election Commission has announced dates for Lok Sabha Elections 2019, results of which will be declared on 23 May.

Prime Minister Modi is expected to benefit from the India-Pakistan conflict that has played out over the past four weeks.

The benchmark 30-share S&P BSE Sensex soared 382.67 points or 1.04 percent to 37,054.10, posting its biggest gain in nearly six months amid sustained foreign fund inflows.

The broader Nifty index ended the session up 140.90 points or 1.28 percent at 11,176.30.

Infratel, Eicher Motor, BPCL, HPCL and Bharti Airtel jumped 4-8 percent in the Nifty pack while IT stocks such as Tech Mahindra, HCL Technologies and TCS slid around half a percent amid a surging rupee.

State Bank of India rallied 2.1 percent after saying it would link savings bank deposits and short-term loans to the RBI's repo rate.

Jet Airways rose 1.2 percent after it secured fresh credit facilities of Rs. 2,050 crore from Punjab National Bank.

Globally, Asian stocks turned in a mixed performance as global growth worries offset hopes for policy support from China.

U.S. job growth almost halted in February and new bank loans in China fell sharply last month, adding to concerns over cooling global growth.

European markets were broadly higher, as media reports suggesting that Deutsche Bank has begun tentative merger talks with rival Commerzbank helped investors shrug off global growth worries.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT