Sensex, Nifty jump to record close on hopes of a rate cut

Indian shares rose about 1.5% to record close on Monday, as weak economic growth data raised prospects of a rate cut by the central bank at its policy meeting scheduled later this week.

Both the broader NSE Nifty and the benchmark BSE Sensex gained 1.39% each, settling above the 12,000 and 40,000 levels, respectively, for the first time ever.

Hero MotoCorp Ltd advanced about 6% and was the top gainer on both the indexes. The Nifty Auto index rose over 2%.