Sensex, Nifty Gain As Adani Stocks Extend Rebound On RBI Comments
(RTTNews) - Indian shares ended notably higher on Wednesday after two days of declines.
Sentiment was underpinned as the Reserve Bank of India (RBI) settled for a smaller 25-basis points rate hike and said that domestic banks' exposure to the Adani Group is "not very significant" and the system is strong and large enough to not get impacted by a single case.
RBI Governor Shaktikanta Das said the central bank has made its own assessments and found that its large exposure guidelines, which cap exposures to a single company or a group, are fully complied with by all the lenders.
Firm global cues also offered some support after Federal Reserve Chair Jerome Powell reiterated his view that inflation was falling.
In a question-and-answer session at the Economic Club of Washington, D.C., Powell said that the disinflationary process has begun but further hikes will be needed if the labor market remains strong.
With less-aggressive interest rate hikes, investors are now weighing the odds of a soft landing for the world's largest economy.
The benchmark S&P/BSE Sensex ended the session up 377.75 points, or 0.63 percent, at 60,663.79 while the broader NSE Nifty index settled 150.20 points, or 0.85 percent, higher at 17,871.70.
Adani Enterprises topped the gainers list to soar more than 23 percent while Adani Ports followed suit with a 9 percent gain.
Bajaj Finance, SBI Life and HDFC Life rallied 3-5 percent.
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