Two market indices Sensex and Nifty ended the day with slight gains as HDFC Bank’s stocks went up by 2.3 per cent during the day.
India’s key market indices ended marginally higher on Wednesday as gains registered by HDFC Bank stocks outweighed losses incurred by energy and metal stocks. Nifty ended up 0.2 per cent at 11,247.55 and Sensex climbed 0.3 per cent to end at 38,067.93.
The value of HDFC Bank shares rose by 2.3 per cent after the private lender’s managing director Aditya Puri said the bank was “back to pre-Covid levels”. The bank claimed that it was seeing a significant recovery in all forms of retail loans and was confident about a significant pick-up in credit growth in the upcoming festival season.
The Nifty metals index fell 2.1 per cent, while the energy sub-index dropped 1.1 per cent, weighed down by a 9 per cent slide in Bharat Petroleum Corp after reports said that Rosneft and Saudi Aramco were unlikely to bid for the refiner’s stake.
The energy and metals indexes were also weighed down by Royal Dutch Shell’s announcement that it plans to cut up to 9,000 jobs, or over 10 per cent of its workforce, as part of a major overhaul to shift the oil and gas giant to low-carbon energy.
Meanwhile, Reliance Industries Ltd rose as much as nearly 1 per cent early in the session, after the company said US fund General Atlantic plans to invest Rs 36.75 billion for a 0.84 per cent stake in its retail arm.
Investors are awaiting clues about the Indian economy from August infrastructure output data.
India’s current account surplus rose to a record $19.8 billion in April-June as its trade deficit narrowed sharply, the Reserve Bank of India said on Wednesday.