Markets
Sensex crosses 38,700-mark
Key equity indices Sensex and Nifty witnessed a roaring rally on Monday as short covering was in vogue ahead of August month derivative expiry. The rally in India was also due to lifting of global appetite for stocks as both China and the US were yet again ‘blowing cold’ on the ‘trade war.’ Last week’s comments by US Federal Reserve Chairman Jerome Powell that a ‘gradual approach’ to interest-rate hikes would be in the best interest of the US economy and jobs also boosted sentiments on Wall Street, with a global rub-off. On Monday, the S&P BSE Sensex closed at 38,694.11 after gaining 1.16 per cent or 442.31 points. The BSE index crossed the 38,700-level for the first time. The broader NSE index Nifty closed at a record peak of 11,691, up 1.17 per cent or 134.85 points. Our Bureau