MUMBAI: India’s benchmark indexes ended higher on Wednesday, helped by a rise in information technology stocks on easing US recession fears and in metals companies as the US dollar weakened.
The Nifty 50 rose 0.36% to 24,666.90 and the BSE Sensex gained 0.22% to 81,330.56. They had risen about 0.7% earlier, before trimming gains.
“There will be instances of profit taking in the very near term as hot FPI (foreign portfolio investors) money is likely to move to China due to the US-China trade truce,” said Narendra Solanki, head of research at Anand Rathi.
Financials, which have relatively higher FPI ownership than other sectors, dropped 0.23% on the day.
Still, ten of the 13 major sectors advanced on the day.
The overall outlook for domestic markets remains positive, as cooling domestic inflation will allow the central bank to ease interest rates further, and that, in turn, will boost both economic growth and corporate profits, Solanki said.
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