Sensex, Nifty Rally On Global Cues; IT And Financials Lead Gainers

(RTTNews) - Indian shares rose sharply on Friday, mirroring positive global cues amid hopes that U.S. inflation may have peaked around 8 percent and would trend lower in the coming months.

Encouraging earnings updates from IT firms Infosys and MindTree coupled with reports suggesting that the British government will announce a U-turn on elements of its 43-billion-pound package of unfunded tax cuts that sparked turmoil in financial markets over the past few weeks also buoyed sentiment.

The benchmark S&P BSE Sensex hit an intraday high of 58,435.12 before closing at 57,919.97, up 684.64 points, or 1.20 percent, from its previous close.

The broader NSE Nifty index gained 171.35 points, or 1.01 percent, to settle at 17,185.70.

ICICI Bank, HCL Technologies, HDFC, HDFC Bank and Infosys climbed 2-4 percent in the Nifty pack while Adani Enterprises, Bajaj Auto, Mahindra & Mahindra, JSW Steel and ONGC dropped 1-2 percent.