Sensex Hits Two-month High; Nifty Nears 8400
(RTTNews) - Indian shares rose notably on Wednesday, with benchmark indexes Sensex and Nifty rising for a second consecutive session to hit a two-month high, as oil struggled after two days of losses and the World Bank said that the "adverse effects" of demonetization will disappear in the medium term.
Global cues also remained supportive as investors waited for cues from U.S. President-elect Donald Trump's press conference later in the day.
Trump's proposed tax cuts and spending plans could boost U.S. and global growth, while uncertainty about his trade policies adds to the risks, the World Bank said in its latest outlook on the global economy.
The benchmark BSE Sensex rose by 240.85 points or 0.90 percent to 27,140.41, while the broader Nifty index finished up 92.05 points or 1.11 percent at 8,380.65. The BSE mid-cap and small-cap indexes closed up 1.4 percent and 1 percent, respectively.
Coal India led the gainers in the Sensex pack to end 5.4 percent higher, while ICICI Bank, Larsen & Toubro, Lupin and Tata Steel rallied 2-4 percent. TCS rose 0.3 percent ahead of its fiscal third-quarter earnings results due on Thursday.
IndusInd Bank jumped 6.2 percent after reporting a 29 percent surge in its third-quarter profit. Fortis Healthcare dropped 1.5 percent on reports that global private firm TPG may buy stake in the company.