Mumbai: The Bank of Japan (BoJ) Deputy Governor said that the bank will not raise rates when markets are unsettled, ending three days of losses for the Indian frontline indices, the Sensex and Nifty. This gave rise to optimism in the global markets.
The Nifty was up 304 points, or 1.27 percent, at 24,297 at the closing on Wednesday, while the Sensex was up 874 points, or 1.11 percent, at 79,468.
The Bombay Stock Exchange (BSE) saw 2,988 shares close in the green, 945 in the red, and 98 in the same direction, indicating that the market is still trending upward.
Additionally, buying was observed in midcap and smallcap equities. At the closing, the Nifty Smallcap 100 index was up 511 points, or 2.86 percent, at 18,383, while the Nifty Midcap 100 index was up 1,358 points, or 2.45 percent, at 56,873.
Nearly every major index ended the day higher, with the biggest gainers being auto, IT, PSU bank, pharma, metal, real estate, and media.
Power Grid, JSW Steel, Tata Steel, Infosys, Maruti Suzuki, M&M, UltraTech Cement, and L&T were the top gainers in the Sensex pack, while the top losers were IndusInd Bank, HUL, Tech Mahindra, Titan, and Bharti Airtel.
The India Vix dropped 13.71 percent to 16.17, indicating that markets are holding steady in relation to the previous trading day.
According to experts, the BoJ’s assurance that the central bank would not raise interest rates during financial turbulence caused the world markets to noticeably rebound. The reintroduction of indexation advantages led to a relief rally in the real estate sector, but the Indian market also saw widespread buying across all sectors.
On Wednesday, the Indian stock market began the day higher. Sensex began trading at 79,565, up 972 points, or 1.24 percent, while Nifty began trading at 24,289, up 296 points, or 1.24 percent.
–IANS
