Sensex, Nifty defy global weakness to extend winning streak; IndusInd Bank up 5%, Adani Port 3%
2 min read . Updated: 08 Mar 2023, 04:03 PM IST
Premium- IndusInd Bank, Adani Ports, Adani Enterprises, Bajaj Auto and Larsen and Toubro were among the biggest gainers on the Nifty, while losers were Bajaj Finance, Hindalco Industries, Tech Mahindra, Apollo Hospitals and Infosys
Indian shares recovered from lows to close near day's high, with select heavyweights lifting benchmark indices, leading to a positive close for a third consecutive day on Wednesday. At close, the Sensex was up 123.63 points or 0.21% at 60,348.09, and the Nifty was up 42.90 points or 0.24% at 17,754.40. As many as 1894 shares have advanced, 1502 shares declined, and 119 shares are unchanged.
IndusInd Bank, Adani Ports, Adani Enterprises, Bajaj Auto and Larsen and Toubro were among the biggest gainers on the Nifty, while losers were Bajaj Finance, Hindalco Industries, Tech Mahindra, Apollo Hospitals and Infosys.
Most of the Adani group stocks extended gains after the embattled Adani Group said it prepaid share-backed financing of ₹7,374 crore.
"Foreign investors turning buyers in Indian equities over the last three sessions and the easing of concerns over Adani group are the only silver-linings for our markets," Arihant Capital's Gandhi said.
The group's flagship, Adani Enterprises and Adani Ports added 2.83% and 3.11%, respectively, and were among the top Nifty 50 gainers.
Bajaj Auto gained 2.31% after analysts projected a recovery in its domestic two-wheelers business next fiscal year.
Both benchmarks opened lower, in tandem with Asian stocks. However, Asian stocks remained under pressure after Powell's said on Tuesday that strong US economic data could lead to prolonged and higher-than-expected rate hikes.
"Again the fear of aggressive rate hikes has started haunting the participants globally but the recent price action indicates the panic would subside soon and markets will make an attempt to inch further higher in the following sessions. Amid mixed global cues, buoyancy in the banking space combined with selective buying in index majors from across sectors like energy, IT, auto and FMCG could continue to play a vital role in recovery. Traders should align their positions accordingly, with a focus on overnight risk management," said Ajit Mishra, VP - Technical Research, Religare Broking Ltd.
The probability of a 50 basis point hike at the Fed's policy meeting later this month has now risen above 70%.
“The global market has fallen back into the grip of uncertainty as the Fed chief signalled the possibility of a prolonged and faster rate hike, contradicting a dovish comment made by another Fed official last week. The market now anticipates a 50 bps rate hike, which has pushed the dollar index to a three-month high. However, a strong recovery was seen in the domestic market towards the end of the day, which kept the bulls on the move," said Vinod Nair, Head of Research at Geojit Financial Services.