Sensex jumps 331 points, PMI data fuels rally ahead of RBI policy
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Market built on its early gains and scaled higher on buying pick-up, buoyed by manufacturing PMI for September that came in above the 50 mark for the ninth straight month signalling expansion.
The benchmark Sensex rallied 331 points led by realty, auto, energy and industrials.
The Nikkei Markit India Manufacturing Purchasing Managers' Index (PMI) -- a gauge of manufacturing performance -- settled at 52.1 in September, from 52.6 in August.
Firm Asian cues, coupled with optimism ahead of the RBI policy review on Tuesday, made investors more nimble.
The 30-share index resumed higher and hovered in a range of 28,205.50 and 27,919.89. It was quoting at 28,197 at 1100 hours, showing a gain of 331.04 points, or 1.19%, from its last close.
The NSE 50-share Nifty was also trading higher by 108.05 points, or 1.25%, at 8,719.20.
Major gainers were Maruti Suzuki, up by 3.79%, followed by Hero MotoCorp 3.01%, M&M 2.87%, Adani Ports 2.78%, Sun Pharma 2.26% and Bajaj Auto 2.12%.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 1,028.31 crore last Friday, according to provisional data.
Overseas, Asian markets were mostly higher as investors weighed the prospects of a further US interest rate hike and a report on business sentiment from Japan.
US stocks closed sharply higher last Friday as Deutsche Bank shares rebounded amid a report that the German banking giant was near a settlement with the Justice Department.
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Maharashtra Deputy Chief Minister and NCP head Ajit Pawar on Monday said discussions were underway among the Mahayuti partners to finalise a formula for the new government formation in the state.
Speaking to reporters at Karad in Satara district, Pawar also acknowledged the contribution of the government's Ladki Bahin scheme, which provides financial assistance to women, in the Mahayuti's victory in the just-concluded state assembly polls.
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Police have lodged seven FIRs in connection with the violence over a court-ordered survey of a Mughal-era mosque here, naming Samajwadi Party MP Zia-ur-Rehman Barq and local SP MLA Iqbal Mehmood's son Sohail Iqbal as accused, officials said on Monday.
The district administration has already imposed prohibitory orders and barred the entry of outsiders into Sambhal till November 30.
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A day after violence rocked Uttar Pradesh's Sambhal, Leader of Opposition in the Lok Sabha Rahul Gandhi on Monday said the BJP's use of power to create a rift between Hindus and Muslims was neither in the interest of the state nor the country.
He also urged the Supreme Court to intervene in the matter as soon as possible.
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The Karnataka High Court has dismissed a petition seeking quashing of an FIR against two individuals accused of defrauding e-commerce giant Amazon of over Rs 69 lakh.
Justice M Nagaprasanna described the case as an example of modern age crime.
The petitioners, Sourish Bose and Deepanvita Ghosh, had sought to have the FIR and a magistrate court's order taking cognisance of the case set aside.
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India’s Adani Group said it has enough cash flows to service debt obligations, as it sought to reassure creditors after a US bribery probe against founder Gautam Adani triggered a selloff in the conglomerate’s stocks and bonds.
Cash balances exceed long-term debt repayments for the next 28 months, while portfolio level cash balances were at $6.33 billion, the port-to-power conglomerate said in a report for the first six months of the financial year ending March 2025 released Monday.
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