Indian shares rise as tech stocks gain; RBI decision in focus
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
BENGALURU - Indian shares rose on Wednesday, lifted by technology stocks following an overnight rally on Wall Street, while investors looked forward to the Reserve Bank of India's monetary policy decision due on Thursday.
The blue-chip NSE Nifty 50 index was up 0.84% at 17,411.95, as of 0405 GMT, while the S&P BSE Sensex gained 0.83% to 58,290.65.
On Thursday, India's central bank is expected to hold its repo rate steady, but increase its reverse repo rate as part of a process to reduce surplus liquidity poured into markets earlier in the pandemic.
Asian peers also rose as technology stocks tracked Wall Street higher, ahead of a key inflation reading this week. [MKTS/GLOB]
The Nifty IT index climbed 1.5% in early trade on Wednesday.
Steel producer Jindal Steel and Power dropped 5% after reporting profit below expectations. Gains in National Aluminium and Hindustan Copper still propped the Nifty Metal index up 1.1%.
Edible oil refiner Adani Wilmar extended its listing gains on Wednesday, rising nearly 8%.
Transmission company Power Grid Corp was up 0.8% ahead of its quarterly results.
