Indian shares rose for the third day running on Wednesday, with IT, auto, metal and healthcare stocks leading the surge on the back of mostly positive global cues after Treasury yields stabilized.
Sentiment was also boosted after the Organization for Economic Cooperation and Development (OECD) pegged India to be the fastest growing economy in the world in the upcoming two financial years.
GDP is projected to bounce back to 12.6 percent in FY22, the highest among G20 countries on the back of increasing vaccinations.
A similar forecast was made by the International Monetary Fund (IMF) and India’s own Economic Survey in January, earlier this year.
The benchmark 30-share Sensex hit as high as 51,430.43 before giving up some gains to end the session up 254.03 points, or half a percent, at 51,279.51.
The broader NSE Nifty index also ended off its day’s highs at 15,174.80, up 76.40 points, or 0.51 percent, from its previous close.
Bajaj Finance, Tata Steel, Hindalco, JSW Steel and Eicher Motors rallied 2-3 percent while SBI Life tumbled 3.5 percent on profit taking after a 5 percent gain the previous day.
Kotak Mahindra Bank, HDFC Life, IOC and ONGC dropped 1-2 percent.
Market Analysis
Sensex, Nifty Extend Gains For Third Day
2021-03-10 11:10:14
