Equity benchmark indices in India closed higher on Wednesday, driven by late-session buying in key index stocks such as Reliance Industries, ITC, and M&M. The positive momentum was also supported by a favorable start in European markets. However, cautious trading dominated the markets for most of the day as investors awaited two major events: the Reserve Bank of India’s (RBI) monetary policy decision and the release of US inflation data, both scheduled for announcement on Thursday.
The BSE Sensex, a key index comprising 30 major stocks, gained 149.31 points, or 0.23%, to settle at 65,995.81. The index experienced some volatility during the day, initially falling by 402.12 points before recovering. It reached a high of 66,066.01 during the trading session. The NSE Nifty, another prominent index consisting of 50 large-cap stocks, rose by 61.70 points, or 0.32%, to close at 19,632.55.
Throughout the day, investors remained cautious due to the upcoming significant economic events, particularly the RBI’s monetary policy decision, which could impact interest rates and market sentiment. The US inflation data release also holds importance as it can influence broader global market trends.
In the corporate earnings space, JB Chemicals & Pharmaceuticals reported a robust increase in its net profit for the quarter ending June 30, 2023, reaching ₹144.57 crore compared to ₹101.29 crore in the previous year. Similarly, Manaksia Limited’s net profit for the same period stood at ₹22.11 crore, up from ₹12.94 crore in the previous year.
While the market exhibited volatility driven by global economic indicators and events, the trading session ultimately closed in positive territory, reflecting the resilience of Indian stocks amidst uncertainties. However, the cautious stance among investors underlines the impact that global economic developments can have on the Indian stock market.
