Indian markets ended higher on Monday, with Nifty reaching an eight-month high and banking stocks rallying to record levels, driven by RBIs surprise easing, strong U.S. jobs data, and progress in global trade discussions.
Kotak Mahindra Bank Ltd., IDFC First Bank Ltd., and AU Small Finance Bank Ltd. share prices were top three gainers as the NSE Nifty Bank index hit 57,000 level for the first time. The index extended its record rally to second day.
Indian markets closed higher on Friday, buoyed by the RBIs surprise 50 bps rate cut and CRR reduction aimed at stimulating growth. The Sensex rose 747 points, while Nifty reclaimed the 25,000 mark. Analysts expect further upside if key resistance levels are breached. Rate-sensitive sectors led the rally amid renewed optimism, despite global uncertainties and tepid domestic demand.