Indian indices snapped their two-day losing streak to end with smart gains at near six-month highs on Wednesday following better than expected GDP data and a measured tone address by US President Donald Trump.
While the S&P BSE Sensex closed 241.17 points (0.84%) higher at 28,984.49, the Nifty 50 closed up 66.20 points (0.75%) at 8,945.80.
“Shares surged after it was reported that GDP growth for Q3 FY17 came in at 7%, sharply higher than expected. Additionally, the Nikkei India Manufacturing Purchasing Managers’ Index (PMI), rose to 50.7 in February from 50.4 in January, making this the second consecutive month of an increase, albeit marginal, for the index,” BNP Paribas Mutual Fund senior fund manager – equities Karthikraj Lakshmanan said.
Metal pack led the list of gainers on Nifty 50. Tata Steel was the top gainer ending up 3.59% at Rs 500.05 with volumes of over 77.16 lakh shares. Hindalco was the next big gainer, ending up 3.15% at Rs 190.15. Some of the other major gainers included Kotak Mahindra Bank, Mahindra & Mahindra, Sun Pharma, Dr Reddy’s, ITC and HDFC.
Idea was the top loser after Providence Partners sold its entire stake in the company by selling 12 crore shares in the company. The telecom company’s shares ended down 2.72% at Rs 112.70 with volumes of over 1.67 crore shares. Some of the other losers included Eicher Motors, NTPC, Tata Motors, BPCL, GAIL and Ultratech Cements.
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