Indian shares rose modestly on Wednesday to extend gains for an eighth consecutive session after the International Monetary Fund hailed India as “one of the bright spots” in the global economy.
Additionally, Morgan Stanley economists said Asia’s economic growth could outpace those of developed countries by 5 percent by end-2023 due to strong domestic demand and interest rates staying in less-restrictive territory.
Global cues were positive, and the rupee traded higher against the dollar on hopes that the Federal Reserve might ease up on its policy tightening after a key U.S. inflation report due later in the day.
The benchmark S&P/BSE Sensex rose 235.05 points, or 0.39 percent, to 60,392.77 while the broader NSE Nifty index settled 90.10 points, or 0.51 percent, higher at 17,812.40.
Divis Laboratories topped the gainers list to surge 9.7 percent after the pharmaceutical company said its exports rose to $92 million in March against an average of $55-60 million in the previous 11 months.
Dr Reddy’s Laboratories, Eicher Motors, Adani Enterprises and Bajaj Auto rallied 2-3 percent.
TCS rose about 1 percent ahead of its earnings release later in the day.
FMCG stocks such as Nestle and Hindustan Unilever ended down around 1 percent each.
Sensex Ends 235 Points Higher; Nifty Gains 90 Points
2023-04-12 10:23:32
