Domestic markets rose for the second straight session on Wednesday, soaring 1.8% a day after former bureaucrat Shaktikanta Das was appointed the new governor of the Reserve Bank of India. Das took charge on Wednesday morning.
The BSE Sensex surged to close 629.06 points ahead of Tuesday’s close at 35,779.07, while the NSE Nifty 50 ended the session at 10,737.60, up 188.45 points.
On Tuesday, the two indices had tumbled heavily in the morning trade after Das’ predecessor Urjit Patel resigned on Monday evening. However, the stocks have risen since then despite a poor performance from the ruling Bharatiya Janata Party in state elections. The prompt appointment of Das boosted sentiment further on Wednesday, Reuters reported.
The rupee, however, was weak in early trade, dropping to 72.20 against the dollar at one point. Later in the day, it recovered and was trading at 71.96 at 4.20 pm. It had closed at 71.84 on Tuesday.
Each of the 31 stocks that are part of the Sensex gained on Wednesday, led by Hero MotoCorp, Bharti Airtel, Yes Bank, Adani Ports and Tata Steel. On the Nifty 50, four stocks declined and 46 made gains. The top gainers were Bharti Airtel, Indiabulls Housing Finance, Hero MotoCorp, Adani Ports and UPL, while the stocks of Dr Reddy’s, Bharti Infratel, Hindustan Petroleum and Titan declined.
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