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Sensex, Nifty Rally Led By IT Stocks

(RTTNews) - Indian shares rose for a third straight session on Monday to hit a more than two-week high, as investors reassessed the expected path of Federal Reserve interest-rate hikes in the light of falling inflation expectations. Investors also cheered comments from Reserve Bank of India (RBI) deputy governor Michael Patra suggesting that domestic inflation is showing signs of peaking and that the monetary policy action to contain inflation will be more moderate than in the rest of the world. The benchmark S&P BSE Sensex hit an intraday high of 53,509.50 before paring some gains to end the session up 433.30 points, or 0.82 percent, at 53,161.28. The broader NSE Nifty index settled at 15,832.05, up 132.80 points, or 0.85 percent, from its previous close after having hit a high of 15,927.45 earlier in the day. Tech stocks saw broad-based gains, with Infosys, Tech Mahindra, Wipro and HCL Technologies climbing 1-3 percent. Automakers also continued their northward movement, with Bajaj Auto rising over 1 percent after announcing a Rs. 2,500-crore share buyback. ONGC jumped 3.3 percent after crude prices posted strong gains on Friday. UPL, Larsen & Toubro and Coal India all rose about 3 percent. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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