India's benchmark stock indices ended at a four-week high after the Monetary Policy Committee kept the benchmark repo rate unchanged. On a weekly basis, the headline indices closed higher for the second week in a row.
U.S. Treasury yields are headed for one of the longest streaks of declines since 2020, and the U.S. equity-index futures fluctuated as bets that the world economy is set for a sharper slowdown far outweighed concerns over elevated inflation and monetary tightening.
Contracts on the S&P 500 and Nasdaq 100 indexes slipped less than 0.2% each, while a gauge of global stocks headed for a weekly loss. European stocks rose, with the benchmark Stoxx 600 ending a three-day slide, as traders assessed trends in corporate earnings.
The S&P BSE Sensex closed 144 points, or 0.24%, higher at 59,832.97, while the NSE Nifty 50 ended 42 points, or 0.24%, higher at 17,599.15.
IndusInd Bank Ltd., Maruti Suzuki India Ltd., HDFC Bank Ltd., Reliance Industries Ltd., and Bajaj Finance Ltd. were positively adding to the change.
Whereas, HCL Technologies Ltd., Tata Consultancy Services Ltd., Axis Bank Ltd., JSW Steel Ltd., and Power Grid Corp of India Ltd. were negatively contributing to the change in the Nifty 50 Index.
All the Adani Group companies rose in trade, with Adani Transmission Ltd., Adani Green Energy Ltd., NDTV Ltd., Adani Total Gas Ltd. and Adani Enterprises Ltd. rising the most.
The broader market indices ended higher in trade; the S&P BSE MidCap Index was up by 0.71%, whereas the S&P BSE SmallCap Index was higher by 0.70%.
Fourteen out of the 20 sectors compiled by BSE advanced, while S&P BSE Fast Moving Consumer Goods, S&P BSE Information Technology, S&P BSE Telecommunication, S&P BSE Consumer Durables, S&P BSE Metal, and S&P BSE Teck declined.
The market breadth was skewed in favour of buyers. About 2,389 stocks rose 1,137 declined, and 110 remained unchanged on the BSE.
The headline indices ended higher for the second week in a row. Sensex logged weekly gains of 1.43%, whereas Nifty advanced 1.38% this week.
Indices ended at a 23-week high since Oct. 21, 2022, last Friday. The S&P BSE Sensex Index advanced 2.55%, and the NSE Nifty 50 Index was up 2.55%.
All the sectors advanced this week, with Nifty Realty, Midcap 100, Pharma, and Media being the top gainers.
Disclaimer: AMG Media Networks Ltd., a subsidiary of Adani Enterprises Ltd., holds a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
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