Indian shares rally for sixth day on global cues

Indian shares rose for a sixth straight session on Monday, tracking gains in Asian equities amidst global growth optimism.

india trader
Reuters

Indian shares rose for a sixth straight session on Monday, tracking gains in Asian equities amidst global growth optimism.

Asian stocks rose amid optimism on global growth while political uncertainty caused turbulence for the Turkish and British currencies.

MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.1 percent, having rebounded by 1.7 percent last week.

Friday's U.S. jobs report showed a spike in hourly wages that bolstered the odds for tighter monetary policy, pushing the chances of a December hike to nearly 80 percent.

The S&P BSE Sensex gained 0.10 percent at 31,846 while the broader NSE Nifty gained 0.09 percent to 9,988.

Among the top Sensex gainers: Dr. Reddy's rose 1.6 percent, Kotak Mahindra Bank added 1.3 percent, Hindustan Unilever gained 1.4 percent while Coal India advanced 1.4 percent.

Jindal Steel & Power rose 4.3 percent after the company said it will divest its oxygen plant asset for Rs1,121 crore.

Laggards were Oriental Bank of Commerce, which lost 3 percent after the central bank initiated a "prompt corrective action" against the state-owned lender for high bad loans.

Shares of Adani Enterprises dropped 3.2 percent as several protests were held across Australia against the company's proposed $16.5 billion Carmichael coal mine project, which has been delayed for years over environmental and financing issues.

Market breadth was in the favour of gainers, with about 2 stocks advancing to every 1 stock that declined.

READ MORE