The Indian equity benchmarks rebounded strongly on Monday after the government data showed that India exited recession with economic growth of 0.4 per cent in December quarter. The Sensex rose as much as 1.95 per cent or 958 points at the day’s highest level and Nifty 50 index briefly moved above 14,800. India is among the few major economies to post growth in the last quarter of 2020. For the full year, GDP is estimated to contract by 8 per cent in the financial year, the National Statistical Office (NSO) said in a press release.
The Sensex ended 750 points or 1.53 per cent higher at 49,850 and Nifty 50 index climbed 232 points or 1.60 per cent to settle at 14,762.
Meanwhile, – Asian shares rallied on Monday as some semblance of calm returned to bond markets after last week’s wild ride, while progress in the huge U.S. stimulus package underpinned optimism about the global economy and sent oil prices higher.
Back home, HDFC, HDFC Bank, Kotak Mahindra Bank, ICICI Bank, Infosys and Reliance Industries were among the top movers in the Sensex.
Buying was visible across the board as all the 11 sector gauges compiled by the National Stock Exchange ended higher.