AIRLINK 74.00 Decreased By ▼ -0.25 (-0.34%)
BOP 5.14 Increased By ▲ 0.09 (1.78%)
CNERGY 4.55 Increased By ▲ 0.13 (2.94%)
DFML 37.15 Increased By ▲ 1.31 (3.66%)
DGKC 89.90 Increased By ▲ 1.90 (2.16%)
FCCL 22.40 Increased By ▲ 0.20 (0.9%)
FFBL 33.03 Increased By ▲ 0.31 (0.95%)
FFL 9.75 Decreased By ▼ -0.04 (-0.41%)
GGL 10.75 Decreased By ▼ -0.05 (-0.46%)
HBL 115.50 Decreased By ▼ -0.40 (-0.35%)
HUBC 137.10 Increased By ▲ 1.26 (0.93%)
HUMNL 9.95 Increased By ▲ 0.11 (1.12%)
KEL 4.60 Decreased By ▼ -0.01 (-0.22%)
KOSM 4.83 Increased By ▲ 0.17 (3.65%)
MLCF 39.75 Decreased By ▼ -0.13 (-0.33%)
OGDC 138.20 Increased By ▲ 0.30 (0.22%)
PAEL 27.00 Increased By ▲ 0.57 (2.16%)
PIAA 24.24 Decreased By ▼ -2.04 (-7.76%)
PIBTL 6.74 Decreased By ▼ -0.02 (-0.3%)
PPL 123.62 Increased By ▲ 0.72 (0.59%)
PRL 27.40 Increased By ▲ 0.71 (2.66%)
PTC 13.90 Decreased By ▼ -0.10 (-0.71%)
SEARL 61.75 Increased By ▲ 3.05 (5.2%)
SNGP 70.15 Decreased By ▼ -0.25 (-0.36%)
SSGC 10.52 Increased By ▲ 0.16 (1.54%)
TELE 8.57 Increased By ▲ 0.01 (0.12%)
TPLP 11.10 Decreased By ▼ -0.28 (-2.46%)
TRG 64.02 Decreased By ▼ -0.21 (-0.33%)
UNITY 26.76 Increased By ▲ 0.71 (2.73%)
WTL 1.38 No Change ▼ 0.00 (0%)
BR100 7,874 Increased By 36.2 (0.46%)
BR30 25,596 Increased By 136 (0.53%)
KSE100 75,342 Increased By 411.7 (0.55%)
KSE30 24,214 Increased By 68.6 (0.28%)

BENGALURU: Indian shares overcame a lacklustre start to close higher on Wednesday, with the benchmark Nifty reclaiming the 18,000 mark after three weeks, helped by a recovery in IT stocks and as the return of foreign investors continued.

The Nifty 50 index closed 0.48% higher at 18,015.85, while the S&P BSE Sensex rose 0.40% to 61,275.09. Both the indexes had fallen more than 0.4% earlier in the session.

Eleven of the 13 major sectoral indexes gained, with the information technology (IT) index rising 1.13%.

The index was under pressure earlier in the session after data showed U.S. retail inflation rose in January, fanning fears of further rate hikes and slowing the economy of a country that accounts for a bulk of revenue for Indian IT firms.

IT stocks have fallen about 20% since the start of 2022, during which the Federal Reserve and other central banks started their rate hike cycles to tame inflation. In that same period, the Nifty has gained more than 5%.

“IT stocks have seen significant correction since the start of 2022 and the valuations are extremely attractive,” said Gaurav Dua, head of capital market strategy at Sharekhan.

IT stocks lift Indian shares

Foreign institutional investors (FIIs) have net bought 41.85 billion rupees ($505 million) of shares in the past three sessions.

Still, they have net sold 442.51 billion rupees of shares so far this year, with volumes jumping in the wake of the Adani Group-sparked selloff.

“The emergence of FII-buying in domestic equities over the last three sessions is a positive factor,” said Anita Gandhi, director at Arihant Capital Markets.

Among stocks, Eicher Motors jumped 4.27%, and was among the top Nifty 50 gainers, after reporting a better-than-expected rise in profit on higher sales of its Royal Enfield motorcycles.

Adani Enterprises extended gains from the previous session, rising 1.68%, a day after it reported a third-quarter profit against a loss a year ago.

Comments

Comments are closed.

SAMIR SARDANA Feb 15, 2023 07:17pm
AS I SAID ON "https://www.brecorder.com/news/40226215/indias-adani-enterprises-swings-to-q3-profit-on-strong-coal-trading" YESTERDAY,AS UNDER : "BUT 90% OF THE PAT INCREASE IS DUE TO COAL "TRADING" AND NOT MINING ! AND THAT IS ONLY DUE TO RUSSIA - AND THAT IS NOT GOOD NEWS ! SO AEL RALLY MAY LAST FOR A DAY MORE !" TODAYS MOVE WAS 2%. THE STOCK RECOVERED FRONM A PLUNGE YESTERDAY ! IT PLUNGED UIN THE 1ST HALF AND RESULTS WERE DECLARED DURING MARKET HOURS ! NO ONE KNEW THE OBVIOUS - THAT COAL PRICES WERE BOOMING ! THIS IS CHAIWALA'S INDIA ! FROM TOMORROW IYT WILL MOVE DOWN ! ADANI WILL SPEND THE NEXT 6 MONTHS IN FINANCIAL RESTRUCTURING TO EXTEND DEBT REPAYMENT AT LOWER BASIS POINTS AND SOME DEBT -EQUITY SWAPS,,BESIDES LOAN SWAPS (FOR FX AND INTEREST BASIS) SO GROWTH WILL BE DENTED ! ASSUMING NO DISASTER STRIKES ! SAMIR SARDANA
thumb_up Recommended (0)