Sensex, Nifty Snap Three-day Losing Streak; PSU Stocks Lead Gains
(RTTNews) - Indian shares rose notably on Wednesday after three days of losses on worries about slowing global growth and the impact of rising interest rates on corporate profits.
Underlying sentiment was helped by a slight pullback in the dollar after media reports indicated that the Bank of England is considering an extension to emergency bond-buying program when it ends on Friday.
The rupee traded flat against the greenback in the afternoon, while oil prices were little changed in European trade after two days of losses.
Global cues were mixed, with U.S. stock futures rising ahead of the FOMC meeting minutes release and producer price data due later in the day.
Thursday's U.S. consumer inflation data is expected to provide additional clues on the pace of increases to U.S. interest rates.
The benchmark S&P/BSE Sensex jumped 478.59 points, or 0.84 percent, to 57,625.91 while the broader NSE Nifty index settled at 17,12360, up 140.05 points, or 0.82 percent, from its previous close.
PSU stocks topped the gainers list, with NTPC, Coal India and Power Grid Corp rallying 2-3 percent. Private sector lender Axis Bank rose 2.8 percent and two-wheeler manufacturer Bajaj Auto added 2.6 percent. On the losing side, Dr Reddy's Laboratories, Adani Enterprises and Asian Paints all fell around 1 percent.
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