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BENGALURU: Indian shares advanced on Monday, in step with Asian peers, after U.S. jobs data heightened hopes that the Federal Reserve will not hike rates any further.

The NSE Nifty 50 index settled 0.94% higher at 19,411.75, with 45 constituents in the green. The S&P BSE Sensex rose 0.92% to 64,958.69.

Twelve of the 13 major sectors logged gains after data pointed to a cooling U.S. labour market, raising hopes that the Federal Reserve is done with rate hikes.

“We expect markets to continue its positive momentum as the jobs data in the U.S. indicates that the rate hike cycle could be over,” said Anita Gandhi, director at Arihant Capital Markets.

With the U.S. rate concerns as well as Treasury yields easing, domestic equities are set for a renewed rally in the festive season, two analysts added. Fed rate pause powers Indian shares to weekly gains

The Fed had held its interest rate steady on Nov. 1, spurring a global market rally. Since the Fed rate pause, Nifty has risen 2.23%, logging gains for three straight sessions.

Broader Asian markets also extended gains, with the MSCI Asia ex-Japan index rising over 2%.

“The strong run in Indian equities can continue further as the country offers the best growth opportunity within Asia,” analysts at Morgan Stanley said, adding that higher-for-longer rates in the U.S. “will not necessarily lead to rate hikes by the Reserve Bank of India.”

Among individual stocks, Larsen & Toubro gained 2.21% after receiving a contract worth 25 billion - 50 billion rupees.

Indian Oil Corporation added 3.23% on National Company Law Tribunal’s (NCLT) approval for resolution plan to buy Mercator Petroleum.

Bank of Baroda lost 4.02% after lowering net interest margin outlook for fiscal 2024.

Real estate stocks hit fresh record highs for a third session in a row, rising 1.20%.

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