Indian Stocks Surge on Major Deals; Fed Watch Continues
By Sivam
Indian equities climb as KS Smart Technologies, NBCC secure major contracts and Puravankara acquires land. Investors await US Fed policy decision.
Indian Equities Climb on Corporate Deals, Fed Watch
Indian equity benchmarks, Sensex and Nifty, traded higher on Wednesday after a volatile start. This surge was supported by value buying amidst mixed global cues, with investors keenly awaiting the US Federal Reserve’s policy decision.
Major Corporate Wins Boost Sentiment
Several companies announced significant business developments, contributing to the positive market sentiment.
- KS Smart Technologies hit its upper circuit limit after its subsidiary secured a Rs 111.35 crore contract from UPDESC. This project aims to enhance digital access and technology-enabled learning in rural areas.
- Puravankara acquired a 9.73-acre land parcel in North Bengaluru, boasting a potential Gross Development Value (GDV) of Rs 800 crore.
- NBCC (India) saw its shares move up, securing work orders worth Rs 20.92 crore. The company also received a separate order valued at approximately Rs 12.44 crore from Power Grid Corporation of India.
US Federal Reserve Decision Anticipated
Market participants remained watchful ahead of the US Federal Reserve’s policy announcement. Expectations are that the rate-setting panel will hold the federal fund target rate steady at 3.5-3.75 per cent.
Commentary from the Fed on inflation and the future growth trajectory will be closely monitored for further market direction.