Sensex, Nifty Extend Gains For Fourth Day
(RTTNews) - Indian shares rallied on Wednesday, with energy stocks leading the surge after the government cut windfall taxes on fuel exports, citing falling global prices.
Improved global sentiments also offered some support as U.S. streaming giant Netflix posted better than expected results for the June quarter and Italian Prime Minister Mario Draghi said in a speech to the Senate that he was willing to put together a new coalition.
Worries about gas supplies flowing to Europe eased amid indications that Russia's state-owned energy company, Gazprom, will be restarting gas flows via the Nord Stream 1 pipeline on Thursday.
The benchmark S&P BSE Sensex jumped 629.91 points, or 1.15 percent, to 55,397.53, extending its winning streak for a fourth straight session.
The broader NSE Nifty index settled at 16,520.85, up 180.30 points, or 1.10 percent, from its previous close.
Reliance Industries, HCL Technologies, TCS, Tech Mahindra and ONGC climbed 3-4 percent in the Nifty pack, while Kotak Mahindra Bank, Eicher Motor, Sun Pharma, Mahindra & Mahindra and HDFC Life dropped 1-2 percent.
A day after the rupee breached the 80 level for the first time, Chief Economic Adviser V. Anantha Nageswaran said aggressive monetary tightening by the U.S. Federal Reserve has historically led to depreciation of the Indian rupee and this time the currency reaction is far more "moderate".
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