India's benchmark stock indices ended higher for the fourth straight day on Wednesday, gaining over 1%, led by a rally in non-banking financial companies, even as investors await the RBI's monetary policy decision on Thursday.
Global stocks and U.S. index futures dropped as hawkish messages from New Zealand and Australia's central banks signalled a prolonged fight against inflation. MSCI Inc.'s benchmark for world equities is headed for its first back-to-back losses since March 13. June contracts on the S&P 500 and Nasdaq 100 indexes slipped 0.2% each as traders awaited a private report on U.S. jobs.
The S&P BSE Sensex closed 418 points, or 0.99%, higher at 59,689.31, while the NSE Nifty 50 gained 159 points, or 0.91%, to end at 17,557.05.
HDFC Bank Ltd., Power Grid Corporation of India Ltd., Larsen & Toubro Ltd., Housing Development Finance Corporation Ltd., JSW Steel Ltd., Tata Consultancy Services Ltd., ITC Ltd., Titan Co., Bajaj Finance Ltd., and Kotak Mahindra Bank Ltd. were among the gainers in the Nifty 50.
Whereas, Eicher Motors Ltd., State Bank of India, Reliance Industries Ltd., Maruti Suzuki India Ltd., and IndusInd Bank Ltd. were among the laggards in the index.
All Adani Group companies, with the exception of Adani Ports and Special Economic Zone Ltd., Ambuja Cements Ltd., and Adani Wilmar Ltd., ended lower on Wednesday.
The broader market indices ended higher, with the S&P BSE MidCap gaining 0.11% and the S&P BSE SmallCap rising 0.95% at the close.
Sixteen out of the 20 sectors compiled by BSE advanced, while S&P BSE Utilities, S&P BSE Auto, S&P BSE Oil and Gas, and S&P BSE Power declined in trade.
The market's breadth was skewed in favour of the buyers. About 2,583 stocks rose, 953 declined, and 118 remained unchanged on the BSE.
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