Indian shares ended notably higher on Wednesday, with positive global cues and declining oil prices helping underpin investor sentiment.
Crude prices were down in European trade to extend overnight losses, after having surged over 4 percent on Monday following an attack by Palestinian militants Hamas on Israel in Gaza.
Global cues were encouraging on the back of dovish Fed talk and reports suggesting that China is considering raising its budget deficit for 2023 to help the economy meet the government’s annual growth target.
The benchmark S&P BSE Sensex jumped 393.69 points, or 0.60 percent, to 66,473.05 while the broader NSE Nifty index closed up 121.50 points, or 0.62 percent, at 19,811.35.
Hero MotoCorp soared more than 4 percent after CLSA upgraded its rating on the stock to “buy.”
Wipro topped the gainers list in the IT sector, climbing 3.3 percent to Rs. 421.10 while TCS edged down slightly ahead of its Q2 earnings release due after-market hours.
Among other prominent gainers, Reliance Industries, UltraTech Cement and Grasim rose 2-3 percent.
Market Analysis
Sensex Gains 394 Points On Firm Global Cues; Nifty Tops 19,800
2023-10-11 10:34:09
