Sensex Holds Firm at 8-Month High
India’s BSE Sensex rose about 1.6% to 82,392 on Wednesday, extending its winning streak to nine consecutive sessions and holding at its highest level since late February, as softer crude oil prices and renewed foreign investor buying lifted market sentiment. Brent crude prices fell to $89.16 a barrel on Tuesday, their lowest level in two months, easing concerns over India’s import bill and inflation outlook after US officials played down the possibility of further military action against Iran, reducing fears of potential supply disruptions in the Middle East. Meanwhile, a rotation away from global technology and artificial intelligence stocks has also helped improve investor appetite for Indian equities. Among individual stocks, Kalyan Jewellers shares gained about 9.8% after the company reported a 64% year-on-year increase in second-quarter profit, while revenue rose 31.4%. Other notable gainers included ICICI Bank (1.4%), HDFC Bank (2.1%), State Bank of India (2.5%) and M&M (3.5%).
India’s BSE Sensex rose about 1.6% to 82,392 on Wednesday, extending its winning streak to nine consecutive sessions and holding at its highest level since late February, as softer crude oil prices and renewed foreign investor buying lifted market sentiment. Brent crude prices fell to $89.16 a barrel on Tuesday, their lowest level in two months, easing concerns over India’s import bill and inflation outlook after US officials played down the possibility of further military action against Iran, reducing fears of potential supply disruptions in the Middle East.
Meanwhile, a rotation away from global technology and artificial intelligence stocks has also helped improve investor appetite for Indian equities. Among individual stocks, Kalyan Jewellers shares gained about 9.8% after the company reported a 64% year-on-year increase in second-quarter profit, while revenue rose 31.4%. Other notable gainers included ICICI Bank (1.4%), HDFC Bank (2.1%), State Bank of India (2.5%) and M&M (3.5%).