Positive global cues, as well as indications of a deferment of rate cuts by the US Federal Reserve provided a booster shot to the Indian markets.
While the BSE S&P Sensex hit a fresh 18-month high of 29,013.40 in intra-day trades before finally ending the day with a gain of 445.91 points (1.56%) at 28,978.02, the Nifty 50 closed above the 8,900-mark, up 133.35 points (1.51%) at 8,943. Market capitalisation of companies listed on the BSE ended above the Rs 1.12 lakh crore mark on the first day of the trading week.
“Returning from an extended weekend, the Sensex rallied strongly on the back of positive global cues and likely deferment of rate cut in the near term given the weaker than expected US non-farm jobs number for August,” Kotak Securities vice president-PCG Research Sanjeev Zarbade said.
Tata Motors led the list of gainers as it ended the day with gains of 6.89% at Rs 587.75 with volumes of 1.58 crore shares.