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The S&P BSE Sensex rallied over 100 points on Monday tracking the rally seen in other Asian markets as the Chinese central bank surprised the markets on Friday with a rate cut to spur growth in the flagging economy. The rally on the index was supported by Infosys, Axis Bank and ICICI Bank.
The 50-share Nifty index also managed to reclaim its crucial level of 8,300, and was trading around its next crucial psychological level of 8,350, supported by gains in metal, power, banks.
A programme to attract gold owned by households into a bank deposit scheme to monetise the precious metal could be ready in weeks, Prime Minister Narendra Modi said on Sunday, a step aimed at cutting expensive imports.
The S&P BSE Sensex rallied over 100 points on Monday tracking the rally seen in other Asian markets as the Chinese central bank surprised the markets on Friday with a rate cut to spur growth in the flagging economy. The rally on the index was supported by Infosys, Axis Bank and ICICI Bank.
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