BSE, NSE rise amid India-Pakistan air conflict

Published: February 27, 2019 14:32:07 | Updated: April 02, 2019 14:19:14

File Photo (Collected)

Indian shares rose on Wednesday, led by index heavyweights, as fears about escalation of a conflict with Pakistan abated a day after India said it launched air strikes in its neighbouring country.

Market took some cues from Asian shares, which inched towards a five-month high, after Federal Reserve Chairman Jerome Powell reinforced the US central bank’s shift to a more “patient” approach on policy in the face of a slowing economy.

The broader NSE Nifty rose 0.9 per cent to 109,32.50 as of 0523 GMT, while the benchmark BSE Sensex gained more than 1.0 per cent to 36,350.11.

On Tuesday, the NSE Nifty lost 0.4 per cent, while the BSE Sensex shed 0.7 per cent, as the news of a growing conflict between the two nuclear-armed nations spooked investors.

The NSE Nifty had risen for four straight sessions before Tuesday’s fall.

Reliance Industries Ltd and ICICI Bank Ltd drove most gains on the Nifty, rising 1.8 per cent and 1.6 per cent, respectively.

Shares in state-owned Allahabad Bank, Corporation Bank and privately-held Dhanlaxmi Bank surged after the central bank pulled them off of its prompt corrective action list.

Corporation Bank hit its highest since June 13, rising as much as 10.4 per cent.

Software services provider Wipro Ltd lost as much as 2.4 per cent after brokerage Credit Suisse downgraded the stock and cut the target price.

Share if you like