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Indian equities were propelled on Monday by the bold economic reforms unveiled by China coupled with expectations that the US Federal Reserve may continue with its quantitative easing programme.
“Whether the Fed will start to reduce its quantitative easing programme is to be watched. Chairman Ben Bernanke's speech on Tuesday night and the release of FOMC minutes on Wednesday will seek to determine whether a December taper is now on the table,” said Jayant Manglik, President-Retail Distribution, Religare Securities. Earlier, China had unveiled plans to give markets a decisive role in areas such as resource pricing and finance, in addition to making changes to the ‘One child policy’
The 30-share BSE Sensex registered its biggest gain in a month to finish 451.32 points or 2.21 per cent higher at 20,850.74 while the 50-share NSE index Nifty was up 132.85 points (2.19 per cent) at 6,189.
All BSE sectoral indices ended in the green and the rally was led by capital goods (3.19 per cent), bank (3.15 per cent), FMCG (2.52 per cent) and realty (2.41 per cent).
HDFC Bank, L&T, ITC, Hindalco and ONGC were the top five Sensex gainers, while the only losers were SSLT, Coal India, Cipla and Bajaj Auto.
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