India's benchmark stock indices extended gains for the eighth straight day to end at a seven-week high on Wednesday, even as investors await the release of CPI and IIP data in India that would determine the magnitude of rate hikes by the central bank. Pharma and healthcare stocks led the gains, while FMCG, media, and PSU banks weighed on the indices.
Most global markets were muted as investors awaited U.S. inflation data that may shed light on the Federal Reserve's next policy move. Gauges of U.S. futures, including European and Asian equities, were little changed, a sign of investors holding back on taking new positions ahead of the macroeconomic data release.
As per Bloomberg, U.S. headline inflation is expected to slow, with the core reading forecast to ease both on a monthly and yearly basis.
The S&P BSE Sensex closed 235 points, or 0.39%, higher at 60,392.77, while the NSE Nifty 50 gained 90 points, or 0.51%, to end at 17,812.40.
HDFC Bank Ltd., Infosys Ltd., ICICI Bank Ltd., Housing Development Finance Corp Ltd., and Divi's Laboratories Ltd. were the top gainers in the NSE Nifty 50 gauge.
ONGC Ltd., Power Grid Corp of India Ltd., IndusInd Bank Ltd., NTPC Ltd., and BPCL Ltd. were the top losers in the NSE Nifty 50 gauge.
Shares of the Adani Group of Companies ended mixed in trade. While Ambuja Cements Ltd., Adani Enterprise Ltd., ACC Ltd., and Adani Ports and SEZ Ltd. rose in trade on Wednesday, the rest of the company stocks declined.
The broader market indices ended higher; the S&P BSE MidCap Index was up by 0.57%, whereas the S&P BSE SmallCap Index was higher by 0.41%.
Thirteen out of the 20 sectors compiled by BSE advanced, while S&P BSE Fast Moving Consumer Goods, S&P BSE Industrials, S&P BSE Telecommunication, S&P BSE Utilities, S&P BSE Capital Goods, and S&P BSE Power declined.
The market breadth was skewed in favour of buyers. About 2,081 stocks rose, 1,419 declined, and 115 remained unchanged on the BSE.
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