MUMBAI: India’s equity benchmarks rose for a fifth straight session on Wednesday as tech stocks rallied ahead of the Federal Reserve’s Jackson Hole symposium and as consumer shares gained on hopes of a demand boost from the proposed tax reforms.
The Nifty 50 added 0.28% to 25,050.55, while the BSE Sensex rose 0.26% to 81,857.84.
Both benchmarks have added about 2.3% and 2%, respectively, in five sessions.
Optimism over the proposed goods and services tax (GST) reforms, easing India-China trade concerns, and S&P’s upgrade of India’s sovereign outlook have all buoyed market sentiment, said Gaurav Garg, analyst at Lemonn Markets Desk.
On the day, nine out of 16 major sectors advanced. The broader small-cap and mid-cap indices rose 0.3% and 0.5%, respectively.
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