AGL 40.01 Increased By ▲ 1.23 (3.17%)
AIRLINK 197.85 Increased By ▲ 3.56 (1.83%)
BOP 10.37 Decreased By ▼ -0.47 (-4.34%)
CNERGY 7.13 Increased By ▲ 0.26 (3.78%)
DCL 10.61 Increased By ▲ 0.42 (4.12%)
DFML 43.82 Increased By ▲ 0.69 (1.6%)
DGKC 105.67 Increased By ▲ 9.06 (9.38%)
FCCL 39.60 Increased By ▲ 1.53 (4.02%)
FFBL 80.25 Decreased By ▼ -1.18 (-1.45%)
FFL 14.14 Increased By ▲ 0.11 (0.78%)
HUBC 120.56 Increased By ▲ 1.58 (1.33%)
HUMNL 14.67 Decreased By ▼ -0.10 (-0.68%)
KEL 6.16 Increased By ▲ 0.42 (7.32%)
KOSM 8.26 Decreased By ▼ -0.23 (-2.71%)
MLCF 49.61 Increased By ▲ 3.07 (6.6%)
NBP 74.48 Decreased By ▼ -2.75 (-3.56%)
OGDC 197.07 Increased By ▲ 2.29 (1.18%)
PAEL 35.10 Increased By ▲ 0.36 (1.04%)
PIBTL 8.52 Increased By ▲ 0.14 (1.67%)
PPL 176.26 Increased By ▲ 1.69 (0.97%)
PRL 33.26 Increased By ▲ 0.09 (0.27%)
PTC 25.59 Increased By ▲ 1.02 (4.15%)
SEARL 121.04 Increased By ▲ 11.00 (10%)
TELE 9.90 Increased By ▲ 1.00 (11.24%)
TOMCL 35.23 Increased By ▲ 0.40 (1.15%)
TPLP 12.74 Increased By ▲ 1.05 (8.98%)
TREET 18.97 Increased By ▲ 0.41 (2.21%)
TRG 60.28 Increased By ▲ 0.22 (0.37%)
UNITY 39.02 Increased By ▲ 2.53 (6.93%)
WTL 1.83 Increased By ▲ 0.08 (4.57%)
BR100 11,751 Increased By 50.5 (0.43%)
BR30 36,196 Increased By 785.3 (2.22%)
KSE100 109,970 Increased By 916.4 (0.84%)
KSE30 34,131 Increased By 281.6 (0.83%)

Indian shares closed higher for a fourth straight session on Wednesday as financials climbed on growing expectations of a likely cut in the cash reserve ratio by the central bank while a pullback in Reliance Industries and autos capped gains.

The NSE Nifty 50 rose 0.04% to 24,467.45, while the BSE Sensex added 0.14% to 80,956.33.

Seven of the 13 major sectors advanced. The broader, more domestically focussed small- and midcaps added about 1% each.

High-weightage financials gained 1.1%, led by a 1.85% rise in top-weighted HDFC Bank. State-owned lenders advanced 2.25%.

Analysts have pointed to the growing possibility of the Reserve Bank of India lowering the CRR - the amount of cash reserves that banks are required to maintain with the RBI – to 4% from 4.5%.

Lower reserves will mean the banks have more money to lend, helping improve liquidity in the economy.

The RBI is also expected to hold rates steady at its policy meeting on Friday due to elevated inflation, but its commentary will likely be pivotal for markets following a sharp growth slowdown in the September quarter.

Indian shares end higher for third straight session on HDFC, Reliance gains

Meanwhile, Reliance Industries - the second heaviest stock in Nifty 50 - fell 1.1%, dragging energy index 0.7% lower. The oil-to-telecom conglomerate had gained about 4% in the previous three sessions.

The auto index also snapped a three-session winning streak, losing 0.7%.

While the tone remained positive for part of the session, profit-booking in select heavyweights limited the upside, said Ajit Mishra, senior vice president of research at Religare Broking.

“We expect the consolidation to continue in the next session, though the overall sentiment should stay positive.”

Among individual stocks, domestic defence firms jumped after the country’s defence acquisition council approved five proposals worth about $2.6 billion to enhance the Armed Forces’ operational capability.

Bharat Dynamics and Data Patterns gained about 5.7% each while Paras Defence rose 3%.

Newly-listed Swiggy added 3.2% after at least three brokerages remained positive on the online food delivery platform’s future earnings outlook.

Comments

200 characters