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Equity benchmark indices gained marginally during early hours on Wednesday as the Reserve Bank of India kept key interest rates unchanged amid rising Covid-19 cases in the country.
Moreover, the International Monetary Fund (IMF) has projected India's GDP to grow at 12.5 per cent in FY22. At 10:15 am, the BSE S&P Sensex was up by 343 points or 0.7 per cent at 49,544 while the Nifty 50 edged higher by 94 points or 0.64 per cent to 14,778. Except for Nifty IT, all sectoral indices at the National Stock Exchange were in the positive terrain with Nifty metal up by 1.3 per cent, PSU bank by 0.9 per cent and auto by 0.7 per cent. Among stocks, Adani Ports was up by 2.9 per cent to Rs 859.95 per share. Index heavyweight Reliance Industries gained by 1.7 per cent to Rs 2,018 per unit. The other prominent winners were Tata Steel, Hindalco, Bharti Airtel, IndianOil Corporationa nd Dr Reddy's. However, those which lost were Tata Consultancy Services, Tech Mahindra, Wipro, Kotak Mahindra Bank, HDFC Bank and Cipla. Meanwhile, a gauge of Asian shares climbed to three-week highs as investors eyed the upcoming earnings season for further signs of a global economic recovery. Besides, the IMF raised its global growth forecast to 6 per cent this year from 5.5 per cent, reflecting a rapidly brightening outlook for the US economy. MSCI's broadest index of Asia Pacific shares outside of Japan was up by 0.3 per cent for its second straight day of gains. Japan's Nikkei was a shade higher while South Korea's Kospi added 0.5 per cent. (ANI)
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