Indian shares ended notably higher on Wednesday after eight consecutive sessions of losses.
Sentiment was underpinned by firm cues from Asia and Europe and a weaker dollar in international markets after key measures of Chinese manufacturing and non-manufacturing showed a strong recovery in February.
China’s official manufacturing Purchasing Managers’ Index (PMI) shot up to 52.6 from 50.1 in January, smashing expectations after the country abruptly lifted COVID-19 curbs.
China’s nonmanufacturing activity also grew at a faster pace in February and the private sector index from Caixin/S&P showed factory activity rising for the first time in seven months, helping ease investor fears over rising interest rates.
Additionally, oil prices fell on disappointing inventory data and shares of Adani Enterprises extended gains for a second day running, helping investors shrug off signs of slowdown in domestic economic growth.
The benchmark S&P/BSE Sensex jumped 448.96 points, or 0.76 percent, to 59,41.08 to snap an eight-day losing streak while the NSE Nifty index settled 146.95 points, or 0.85 percent, higher at 17,450.90.
Adani Enterprises soared nearly 16 percent after reports that the Group has received a firm commitment for a $800 million debt facility.
Other group stocks such as Adani Wilmar, Adani Power, Adani Transmission and Adani Green Energy also posted strong gains while IndusInd Bank, SBI, UPL and Hindalco climbed 2-4 percent.
Market Analysis
Sensex, Nifty Snap 8-day Losing Streak On Strong China Data
2023-03-01 10:28:36
