Sensex, Nifty Snap Three-day Losing Streak
(RTTNews) - Indian shares eked out modest gains on Wednesday, after having suffered heavy losses in the previous session amid rising geopolitical tensions, growing concerns over U.S. debt and a spike in Covid-19 cases in Southeast Asia.
The benchmark S&P/BSE Sensex rose 410.19 points, or 0.51 percent, to 81,596.63, snapping a three-day losing streak with auto, IT and healthcare stocks pacing the gainers.
Global investment firm Morgan Stanley has raised its Sensex target to 89,000 by June 2026, reflecting the firm's growing optimism about India's economic trajectory, underpinned by robust fundamentals and an improving corporate earnings outlook.
Rating agency Moody's said in a recent report that India is well positioned to deal with the negative effects of U.S. tariffs and global trade disruptions as the country caters mostly to domestic demand.
Union Commerce and Industry Minister Piyush Goyal on Tuesday said that he had fruitful talks with U.S. Commerce Secretary Howard Lutnick towards concluding the first tranche of India-U.S. Bilateral Trade Agreement (BTA).
The broader NSE Nifty index closed up 129.55 points, or 0.52 percent, at 24,813.45 despite any major domestic triggers and rising global uncertainties. The BSE mid-cap and small-cap indexes gained 0.9 percent and half a percent, respectively.
The market breadth was strong on the BSE, with 2,301 shares rising while 1,678 shares declined and 136 shares closed unchanged.
Among the top gainers, Hindustan Unilever, Tata Motors, Nestle India, NTPC, Bajaj Finance, Tech Mahindra, Sun Pharma, Tata Steel and Bajaj FinServ rallied 1-2 percent.
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