Indian Stocks Extend Rebound
Indian equities closed sharply higher on Tuesday, extending the rebound from Friday's two-year low with fresh support from banks and industrials ahead of the Reserve Bank of India's rate decision tomorrow. The S&P BSE Sensex rose 1% to 73,068 and the NSE Nifty 50 added 1% to 22,776. Kotak Mahindra Bank and Axis Bank rose 3.6% and 2%, respectively, to set the pace for financial companies amid a brief pause in global sovereign bonds following last week's selloff. The sector has come under pressure recently as soaring debt levels and high interest rates hamper the outlook for corporate credit activity in India. Consequently, the RBI is expected to deliver a 25bps rate hike tomorrow. Meanwhile, Trent surged 12% after the apparel retailer projected a 23% year-on-year increase in standalone revenue for the September quarter. On the other hand, tech shares recorded losses.
Indian equities closed sharply higher on Tuesday, extending the rebound from Friday's two-year low with fresh support from banks and industrials ahead of the Reserve Bank of India's rate decision tomorrow. The S&P BSE Sensex rose 1% to 73,068 and the NSE Nifty 50 added 1% to 22,776. 6% and 2%, respectively, to set the pace for financial companies amid a brief pause in global sovereign bonds following last week's selloff. The sector has come under pressure recently as soaring debt levels and high interest rates hamper the outlook for corporate credit activity in India.
Consequently, the RBI is expected to deliver a 25bps rate hike tomorrow. Meanwhile, Trent surged 12% after the apparel retailer projected a 23% year-on-year increase in standalone revenue for the September quarter. On the other hand, tech shares recorded losses.