Indian benchmark indices Sensex and Nifty closed higher Monday, lifted by IT shares after Federal Reserve Chair Jerome Powell signaled the U.S. central bank could cut interest rates as soon as next month.
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The BSE Sensex rose 329.06 points, or 0.40%, to finish at 81,635.91, while the NSE Nifty gained 97.65 points, or 0.39%, to settle at 24,967.75.
Top Movers
On the 30-stock Sensex, the shares of Infosys, TCS, HCL Technologies, Tech Mahindra and Tata Motors led the gainers, advancing between 1% and 3%.
On a sectoral basis, IT stocks rose 2.4% to lead the advance, with the Nifty’s top four performers all from the sector. The country’s two largest software exporters, TCS and Infosys, climbed 2.8% and 3.1%, respectively.
Metal stocks also advanced, with the sector up 0.7% as a weaker dollar buoyed commodity prices.
The rally came after Federal Reserve Chair Jerome Powell, speaking Friday at Jackson Hole, signaled the U.S. central bank could cut interest rates as soon as September, citing rising risks to the labor market while warning inflation remained a concern. Lower U.S. borrowing costs tend to make emerging-market assets, including India’s, more attractive to global investors.
Still, caution lingered ahead of fresh U.S. tariffs, with President Donald Trump’s additional 25% levy on Indian goods set to take effect Aug. 27, potentially raising duties as high as 50%. India’s mid- and small-cap stocks, more exposed to domestic demand, surrendered early gains to finish largely flat.