The Indian benchmark share indices closed higher for just the second time in 10 sessions on Monday, as most major Asian markets recovered and boosted investors’ sentiment.
The BSE Sensex ended the day up 294.71 points at 34,300.47 while the National Stock Exchange’s Nifty50 closed 84.80 points higher at 10,539.75. Both indices gained nearly 0.9% since Friday’s close.
Last week, the indices had recorded a dismal run, making heavy losses in all but one session. The slide was triggered by a similar trend globally, including record declines on the Dow Jones of the United States.
Investors globally were said to be concerned about rising inflation, which could force central banks to raise interest rates. This would make borrowing money more expensive for companies and consumers, hampering economic activity.
Tata Steel, Yes Bank, and IndusInd Bank were among the top five gainers on both the Sensex and Nifty50 on Monday. State Bank of India declined the most on Sensex, and was the second worst performer on Nifty50 as the markets opened for the first time after it reported a loss for the October-December quarter of 2017.
The rupee was stronger against the US dollar, tracking gains in other Asian currencies. It traded at 64.28 to a dollar at 4 pm, against Friday’s close of 64.40.
Indian stock and currency markets will be closed on Tuesday on account of Maha Shivratri.