Sensex Today: The Sensex and Nifty benchmark indices had a gap-up start on Monday after the US reached a tentative deal over the weekend to raise the debt ceiling, which will likely avert a looming default.
The BSE Sensex zoomed 500 points to 63,000, and the NSE Nifty50 gained 137 points to 18,640.
M&M, HDFC Bank, IndusInd Bank, Ultratech Cement, HDFC, Tata Motors, and Nestle led gains on the Sensex, while SBI Life and Hindalco were the top Nifty winners.
On the flip side, ONGC, Sun Pharma, Power Grid declined 0.2-3 per cent, and were the top frontline drags.
The broader markets gained in line with benchmarks. The BSE MidCap and SmallCap indices rose up to 0.5 per cent.
Global Cues
Asian markets climbed higher this morning on the development with Japan’s Nikkei in lead, rising 2 per cent. Hang Seng, Strait times, S&P/ASX 200 and Kospi rose 0.2-1 per cent.
US stock futures were up 0.2-0.5 per cent following a cash market rally of 1-2 per cent on Friday.
Under the debt deal, which now awaits a final nod by lawmakers in the Congress, the $31.4 trillion debt ceiling will be suspended until January 2025. In return, non-defence discretionary spending in 2024 will be capped at 2023 levels, and will be increased by 1 per cent the year after.
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