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Markets rebound after worst week since June 2022
Hindustan Times Jammu
|December 24, 2024
India's benchmark indexes rose on Monday, led by heavyweights HDFC Bank and Reliance Industries, as well as metal stocks, and in line with regional peers on the back of lower-than-expected U.S. inflation data.
The Nifty 50 climbed 0.7% to 23,753.45 points, while the BSE Sensex gained 0.64% to 78,540.17, with both benchmarks snapping a five-session losing streak.
The Nifty and Sensex dropped about 5% last week, the worst since June 2022, hurt by the U.S. Federal Reserve's projection of two rate reductions in 2025 compared to four rate cuts earlier and sustained foreign selling amounting to $1.86 billion.
On the day, twelve of 13 major sectors advanced. Financials added 0.8%, led by HDFC Bank's 1.7% gain.
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