IT and Adani Stocks Propel Indian Market Surge

29 Nov 2023 , 01:27 PM

Indian shares advanced on Wednesday, led by a 1.5% rise in information technology (IT) stocks following dovish comments from a U.S. Federal Reserve official. At the time of writing, Sensex was trading at Rs 66,697 which is a 0.79% hike from the previous close. Whereas Nifty was trading at Rs 20,039 which is a 0.75% hike than previous close.

IT companies, reliant on U.S. revenue, benefited from the positive sentiment, driven by easing the global rate outlook, foreign inflows, and rural demand recovery.

Foreign portfolio investors turned net buyers of Indian equities, adding shares worth 29.01 billion rupees as of November 28.

Adani group stocks, boosted by updates from the Supreme Court hearing, recorded gains ranging from 0.4% to 17%.

Zomato saw a 4% jump as China’s Alipay launched a $400 million book build to sell its entire 3.44% stake in the food delivery company.

Aster DM Healthcare surged 11% after agreeing to sell a majority stake in its Gulf business to Alpha GCC Holdings for $1.01 billion.

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