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Indian stocks join MSCI Emerging Markets Index amid rally

EditorPollock Mondal
Published 11/15/2023, 02:19 AM
© Reuters.
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Indian equities marked a significant rebound today, with the BSE Sensex and NSE Nifty 50 hitting four-week highs, energized by positive U.S inflation data hinting at a potential easing of the Federal Reserve's rate hikes. The Sensex surged to 65,510.19 and the Nifty reached 19,626.40 following a market closure on Tuesday for Diwali Pratipada.

The resurgence was broad-based with gains across all sectors led by realty and information technology stocks. This uptick came in the wake of a bullish trend in Asian markets and buying across the board, with the Sensex opening 598 points higher at 65,532.45 and the Nifty rising by 182.91 points to 19,626.

In a significant development during MSCI Inc.'s November review, nine Indian companies were added to its Emerging Markets Index. The large-cap index now includes Tata Motors (NYSE:TTM) A and IndusInd Bank among others, while Paytm's parent One 97 Communications and Tata Communications were notable new entrants to the mid-cap index. Additionally, APL Apollo Tubes, Persistent Systems, and Suzlon Energy were upgraded within the index.

The S&P BSE MidCap Index climbed by 0.78%, showcasing investor confidence in mid-sized enterprises. However, the S&P BSE SmallCap Index saw a decline of 1.08%. Out of the 30 scrips tracked by the BSE Sensex, 26 advanced while four declined.

Market sentiment was buoyed by the unexpected slowdown in U.S inflation, which spurred a rally in Asian stocks and currencies as investors anticipated a slowdown in the Federal Reserve's aggressive interest rate hikes. The overall positive mood in global markets provided a supportive backdrop for Indian stocks to thrive in today's trading session.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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