Indian shares traded higher on Wednesday, as soft U.S. data released overnight reinforced views that the Federal Reserve is nearing the end of its rate tightening cycle.
The benchmark S&P BSE Sensex was up 280 points, or 0.4 percent, at 65,353 in early trade, while the broader NSE Nifty index was up 85 points, or 0.4 percent, at 19,427.
Jio Financial Services jumped 5 percent to extend gains from the previous session.
Zomato rallied 3.4 percent on news that SoftBank’s Svf Growth (Singapore) Pte. Ltd is divesting a 1.17 percent stake in the company.
Eicher Motor, Tata Steel, Tech Mahindra and Hindalco all rose over 1 percent.
Lupin gained about 1 percent after launching Propranolol LA (long-acting) capsules in Canada.
State-run oil marketing firm BPCL fell 1.5 percent as oil prices climbed on data showing a large U.S. stockpile draw.
Maruti Suzuki added 0.6 percent on reports that it plans to double output capacity to four million units per annum by the end of the decade.
Ami Organics rose nearly 2 percent after Morgan Stanley Asia Singapore Pte non-ODI purchased 6,21,898 equity shares in the company through open market transactions at an average price of Rs 1,250 per share.
Market Analysis
Sensex, Nifty Open Higher On Firm Global Cues
2023-08-30 04:24:19
