Constructive geopolitical backdrop spurs rebound

Mumbai: Benchmark stock index Sensex rebounded by nearly 300 points and the broader Nifty settled near the 24,450 level on Wednesday as below USD 100 per barrel crude oil prices and positive India growth forecast by rating agencies boosted buying in metal, financial and FMCG shares.

The 30-share BSE Sensex climbed 299.17 points, or 0.40 per cent, to settle at 74,828.25. During the day, it jumped 444.66 points, or 0.59 per cent, to 74,973.74.The 50-share NSE Nifty was up 117.80 points, or 0.50 per cent, to end at 23,446.80.

Among the 30 Sensex firms, Tata Steel, Bajaj Finance, ITC, UltraTech Cement, Power Grid and Larsen & Toubro were the major winners.HCLTech, Infosys, Tata Consultancy Services, Titan and Mahindra & Mahindra were among the laggards. “Indian equity benchmarks closed higher on Wednesday, with broad-based buying lifting the market as investors assessed signs of a possible de-escalation in West Asia.

ABOUT THE AUTHOR

The Hans India