Indian shares reversed early losses to end modestly higher on Wednesday, tracking gains in European markets and higher U.S. stock futures.
While concerns about a resurgent U.S. dollar and elevated bond yields served to keep underlying sentiment cautious, investors cheered data showing that industrial profits unexpectedly surged in top consumer China in August.
Also, China is expected to achieve economic growth of slightly more than 5 percent this year and there is no basis for the feared ‘Japanification’, an adviser to the central bank told an Economic Forum.
The benchmark S&P BSE Sensex ended the session up 173.22 points, or 0.26 percent, at 66,118.69 while the broader NSE Nifty index settled up 51.75 points, or 0.26 percent, at 19,716.45.
IndusInd Bank, Axis Bank, Reliance Industries, Maruti Suzuki India, Sun Pharma, ITC and Larsen & Toubro rallied 1-2 percent in the Sensex pack, while SBI and Titan Company both fell around 1 percent.
REC jumped 6.3 percent after it signed a pact with Punjab National Bank to fund power sector and infrastructure & logistics projects – possibly amounting to Rs 55,000 crore. PNB shares surged 2.8 percent.
Gravita India shares hit a record high on the back of heavy volumes before closing over 15 percent higher at Rs. 928.20.
Market Analysis
Sensex, Nifty Reverse Early Losses To End Higher
2023-09-27 10:42:10
