Benchmark stock market indices gained sharply on Wednesday after the Reserve Bank of India (RBI) went for a smaller interest rate hike of 25 basis points, which economists believe could be the last of the current cycle even as the central bank governor remained non-committal.
At the closing bell, the S&P BSE Sensex settled 377.75 points higher at 60,663.79, while the NSE Nifty 50 jumped 0.85 per cent to 17,871.70. The broader markets also ended the day on a positive note as volatility fell.
All the major sectoral indices were in the green, with Nifty Metal, Nifty IT and Nifty Pharma leading from the front.
Adani Enterprises was the top gainer on the Nifty 50 index, gaining over 23 per cent to trade at Rs 2,220 per share. This flagship company of the Adani Group has seen a reversal in its fortunes over the past couple of days, signalling that it may have finally broken the Hindenburg jinx.
Adani Ports and Special Economic Zone also gained sharply by over 9 per cent, while Adani Wilmar, Adani Transmission and Adani Power hit their 5 per cent upper circuit. Adani-owned NDTV, too, gained 4.98 per cent.
Adani Green Energy and Adani Total Gas, however, were still locked in their lower circuit of 5 per cent. Adani-owned cement companies, ACC and Ambuja Cements, were also trading lower.
Digital payments firm Paytm’s parent company, One97 Communications Limited, also gained sharply by over 15 per cent today, after brokerage firm Macquarie, which has been critical of Paytm, upgraded its target price for the stock to Rs 800 from Rs 450.