9 hrs ago
Indian Stocks Rebound as Crude Prices, Growth Outlook Boost Buying
Indian shares rose on Wednesday.
The Sensex, a major stock-market index, gained nearly 300 points.
The Nifty, another major index, also moved higher.
Investors were encouraged because oil prices were below USD 100 per barrel.
Forecasts for India’s economic growth also helped build confidence.
Metal, financial and consumer-goods companies attracted buying.
Tata Steel and Bajaj Finance were among the companies that gained.
Some technology companies, including Infosys and Tata Consultancy Services, fell.
Investors were also watching signs that tensions in West Asia might ease.
The BSE Sensex rose 299.17 points, or 0.40%, to close at 74,828.25.
The NSE Nifty gained 117.80 points, or 0.50%, ending at 23,446.80.
Buying increased as crude oil prices remained below USD 100 per barrel.
Positive India growth forecasts from rating agencies supported investor sentiment.
Tata Steel, Bajaj Finance, ITC, UltraTech Cement, Power Grid and Larsen & Toubro gained, while several technology stocks declined.
- Who
- Indian equity investors, companies listed on the BSE and NSE, and rating agencies issuing India growth forecasts.
- What
- The Sensex and Nifty rebounded, supported by lower crude prices, positive growth forecasts and broad-based buying.
- Where
- Indian stock markets, including the BSE and NSE, in Mumbai.
- When
- Wednesday.
- Why
- Crude oil prices were below USD 100 per barrel, rating agencies gave positive India growth forecasts, and investors assessed possible de-escalation in West Asia.
Key facts
- Sensex close
- 74,828.25, up 299.17 points or 0.40%
- Sensex intraday high
- 74,973.74
- Nifty close
- 23,446.80, up 117.80 points or 0.50%
- Oil price reference
- Crude oil remained below USD 100 per barrel
- Leading gainers
- Tata Steel, Bajaj Finance, ITC, UltraTech Cement, Power Grid and Larsen & Toubro
- Notable laggards
- HCLTech, Infosys, Tata Consultancy Services, Titan and Mahindra & Mahindra
- Reported Nifty description
- The article says the Nifty settled near 24,450, but separately reports its close as 23,446.80
Quotes
Market commentary
Commentary describing the trading session and investor sentiment
“Indian equity benchmarks closed higher on Wednesday, with broad-based buying lifting the market as investors assessed signs of a possible de-escalation in West Asia.”
thehansindia.com
Sources
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