Sensex, Nifty End Modestly Higher; Banking And IT Stocks Lead Gains
(RTTNews) - Indian shares recovered from an early slide to end modestly higher on Thursday.
While higher oil prices and uncertainty over the timing of Fed rate cuts weighed on sentiment in early trade, positive cues from Asia and Europe helped stocks stage a turnaround in the afternoon.
Fed officials will likely reduce their benchmark interest rate later this year, Chair Jerome Powell said Wednesday but nevertheless emphasized the need for more evidence that inflation is easing.
The benchmark S&P Sensex ended the session up 350.81 points, or 0.47 percent, higher at 74,227.63 ahead of the RBI's rate decision and the fourth-quarter earnings season.
The broader NSE Nifty index settled 80 points, or 0.36 percent, higher at 22,514.65, supported by gains in private banking and technology stocks.
Private sector lender HDFC Bank surged 3.1 percent after releasing its update for the fourth quarter ended March.
Asian Paints, Eicher Motors, Tech Mahindra and Titan Company all rose about 2 percent while Bharti Airtel, BPCL, Shriram Finance, Adani Ports and ONGC fell 1-2 percent.
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