The key benchmark stock indices on Wednesday surged 1% backed by gains in banking and heavyweight stocks, ahead of the Reserve Bank of India’s monetary policy review on Thursday.
The S&P BSE Sensex gained 0.99% or 582.87 points to close at 59,689.31 points.
The top gainers in Sensex include L&T (3.95%), HDFC (2.98%), HDFC Bank (2.72%), and Sun Pharma (1.93%).
The NSE Nifty-50 index too surged to 17,557.05 points, up 159 points or 0.91%.
Vinod Nair, head of research at Geojit Financial Services said, “The domestic market is displaying resilience, unaffected by the weaker global peers, thanks to strong banks and NBFCs’ quarterly numbers and the windfall tax cut.”
“Additionally, the recent US data revealed a softening in the labour market and declining factory orders, increasing the likelihood of a pause in rate hikes by the Federal Reserve. The RBI is expected to announce a 25-basis point rate hike in its policy announcement on Thursday before taking a pause, a positive for the market,” he added.
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