Sensex
2024-12-22
3189
(fxcue news) - Indian shares ended notably higher on Monday after five straight sessions of losses.
Benchmark indexes both staged a share recovery, after having fallen nearly 5 percent over the last week.
Underlying sentiment was helped by firm cues from global markets as a benign U.S. inflation reading helped revive investor hopes for further policy easing by the Federal Reserve in 2025.
The dollar fell from its two-year high peak hit last week and Treasury yields eased, helping revive demand for emerging markets assets including India.
Investor optimism was also boosted after the U.S. Congress passed spending legislation on Saturday, helping avert a year-end government shutdown.
That said, weak cues from Europe as a result of political uncertainties in Germany and France, and lingering worries about Trump's tariff threats led to some volatility in the afternoon.
The benchmark S&P/BSE Sensex finally ended the session up 498.58 points, or 0.64 percent, at 78,540.17.
The broader NSE Nifty index closed at 23,753.45, up 165.95 points, or 0.7 percent, from its previous close.
Metal stocks topped the gainers list, with Hindalco and JSW Steel rising around 2 percent each after the Directorate General of Trade Remedies (DGTR) initiated an investigation into the steel industry's demand for a 25% safeguard duty on imports.
HDFC Bank, Trent and ITC all rose around 2 percent while carmaker Maruti Suzuki India shed 0.8 percent and two-wheeler manufacturer Hero MotoCorp dropped 1.5 percent after Japanese automakers Nissan and Honda announced they had entered into official talks to merge and create the world's third-largest automaker by sales.
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