Indian Shares Rise on Financial Rebound and IT Optimism Amid Global Rally

21 Nov 2023 , 01:46 PM

Indian shares rise, led by a financial rebound and IT stock gains amid a global rally on the belief that U.S. interest rates have peaked. Sensex trades at Rs 66,005, up 0.53% from the previous close; Nifty at Rs 19,802, up 0.55%.

Twelve of 13 major sectors advance, with financials gaining 0.5%, breaking a two-session losing streak after RBI tightens consumer credit norms. IT companies benefit from U.S. revenue, with the IT index gaining 6.33% since soft U.S. inflation data on November 14.

Small-caps and mid-caps each gain about 0.4%, reaching fresh record highs. Metals gain 1.5%, realty index adds 1%.

Oberoi Realty rises 2% after announcing a luxury residential project in Thane, Maharashtra. Sunteck Realty up 2%, Motilal Oswal estimates 25% CAGR in earnings over fiscal 2023 and fiscal 2026. Titagarh Rail Systems climbs 9.5% to a record high after signing a partnership with ABB India for metro projects; ABB rises 1.7%.

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