The Bombay Stock Exchange Sensex closed 91.03 points up at 26,051.81 and the National Stock Exchange Nifty ended 31 points higher at 8,033.30, as markets rose for the second session in a row on Wednesday. This is the first time that Indian bourses made gains in consecutive sessions since the government’s move to demonetise Rs 500 and Rs 1,000 notes on November 8, NDTV reported.
Larsen & Toubro was among the day’s top gainers, closing 1.83% higher at Rs 1,353.90, after the company claimed a second-quarter profit of Rs 1,434.63 crore. The firm also sacked 14,000 employees as part of its bid to “right size” itself during an economic slowdown.
Cadila Healthcare Limited rose by 5.50%, while Tata Consultancy Services closed 1.10% higher. The BSE Midcap and Smallcap indices also gained 1.22% and 1.54% by the end of the day, according to Business Standard.
Positive cues from Asian markets also boosted the Indian indices. However, analysts said they still expect overall sentiment to remain weak because of continued concerns about the economic impact of the Centre’s decision to discontinue the high-value currency. Chief market strategist for Geojit BNP Paribas Anand James said investors had begun “looking for an exit route”.
Limited-time offer: Big stories, small price. Keep independent media alive. Become a Scroll member today!
Our journalism is for everyone. But you can get special privileges by buying an annual Scroll Membership. Sign up today!