Nifty reclaims 16,500 pushed by Reliance, Infosys and TCS shares

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Sensex and Nifty 50 continued to rise for the fourth consecutive day on Wednesday, resulting in features in all sectors. IT and oil and fuel shares had been the largest contributors to the rise within the headline index.

Indian benchmark indices ended larger for the fourth consecutive session on Wednesday led by sharp features in heavyweights like Reliance Industries, Infosys and Tata Consultancy Companies (TCS). For home cues, buyers await larger company earnings from India Inc.

The Nifty 50 closed at 16,520.9, up 180.30 factors or 1.1 per cent from its earlier shut and the Sensex up 629.91 factors or 1.2 per cent at 55,397.5.

This And the oil and fuel sectors contributed probably the most to the features within the headline index.

Oil and fuel sector shares had been in excessive demand after the federal government introduced surprising tax cuts on oil producers and refiners. Shares of Reliance Industries, ONGC, Oil India and Gujarat Gasoline closed with a achieve of about 1-6 per cent.
In the meantime, shares of Vedanta closed six per cent larger on surprising tax discount on crude output, with the mining main declaring a dividend of Rs 19.5 per share to spice up investor sentiment.

The rupee hit a report low of 79.99 towards the US greenback.

international market

Sturdy US company earnings and an anticipated resumption of Russian fuel provides to Europe dampened fears of a recession, though the greenback was hovering close to a two-week low on expectations of a US charge hike.

Markets nonetheless count on a 75 bps rate of interest hike subsequent week from the US Federal Reserve to rein in inflation. However it represents a rollback from earlier expectations of 100 bps.

Main European indices had been buying and selling barely above the flatline whereas S&P futures had been additionally buying and selling larger.

MSCI’s Asia Pacific East Japan rose practically one p.c right now.

(with inputs from Reuters)

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