 "markets")
The Indian markets rallied on Monday, led by sharp gains in banking stocks on optimism that the festive season will boost consumer demand. The move to increase the dearness allowance for government employees, coupled with a dovish stance by the US Federal Reserve, helped improve investor sentiment. Market players said short covering after six straight days of losses propelled the gains.
The benchmark Sensex closed at 38,178, gaining 646 points, or 1.72 per cent, while the Nifty50 index ended at 11,313, a gain of 187 points, or 1.68 per cent. Both the indices recouped nearly half of the losses made
