Indices rise most in 2 months on strong economic data

Benchmarks snap five-week losing streak as Chinese stimulus also boosts sentiment

- SUNDAR SETHURAMAN 

The benchmark indices logged. their biggest single-day gains in India's encouraging economic data.

Favourable global cues, following China's fresh stimulus measures to revive its economy, also boosted risk appetite.

The Sensex closed at 65,387 following a gain of 556 points or 0.8 per cent; the Nifty50 finished at 19,435, up 181 points or 0.9 per cent-most since June 30. Friday's gains also helped both indices snap their five-week losing streak. India's economy grew at its fastest pace in four quarters at 7.8 per cent in the April-June quarter of financial year 2023-24 (FY24). India's manufacturing sector activity continued to expand in August. The S&P Global Purchasing  Managers' Index (PMI) rose to a threemonth high of 58.6 in August. August was the 26th month in a row when the PMI was above 50. A measure above 50 separates expansion from contraction.