Sensex, Nifty End Nearly 1% Higher: Market Wrap
The S&P BSE Sensex ended 0.63% higher at 60,663.79, while the NSE Nifty 50 gained 0.85% to close at 17,871.70.
The Indian benchmark indices continued trading higher through midday after it opened with slim gains on Wednesday. RBI Governor Shaktikanta Das announced the Monetary Policy Committee's decision on hiking the repo rate by 25 basis points to 6.50%.
Stocks gained after positive earnings reports in Europe and a late Wall Street rally, as Powell highlighted that disinflation has begun, and that further hikes will likely be needed if the jobs market remains strong. The U.S. stock futures fell.
Shares of Adani Enterprises Ltd. soared as investors reassessed the impact of the Hindenburg Research report published on Jan. 24. Ambuja Cements Ltd., ACC Ltd., Adani Green Energy Ltd. and Adnai Total Gas Ltd. declined out of the total 10 Adani group company stocks.
The S&P BSE Sensex ended 378 points higher, or 0.63%, at 60,663.79, while the NSE Nifty 50 gained 150 points, or 0.85%, to close at 17,871.70.
Adani Enterprises Ltd., Adani Ports and SEZ Ltd., HDFC Life Insurance Co., SBI Life Insurance Co., and Bajaj Finance Ltd. were the top gainers in the gauge.
Larsen and Toubro Ltd., Eicher Motors Ltd., Bharti Airtel Ltd., Hero MotoCorp Ltd. and Axis Bank Ltd. were the top losers among the NSE Nifty 50 constituents.
The broader market indices were trading higher; the S&P BSE MidCap was up 1%, whereas S&P BSE SmallCap was higher by 0.76%.
Sixteen out of the 20 sectors compiled by BSE Ltd. advanced, while only four declined in trade.
The market breadth was skewed in favour of bulls. About 2,001 stocks rose, 1,490 declined and 140 remained unchanged on the BSE.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.