By Vivek Kumar M and Bharath Rajeswaran
(Reuters) -Indian shares rose on Wednesday, led by heavyweight Reliance Industries on earnings optimism and as easing tensions in the Middle East following a ceasefire between Israel and Iran spurred a global risk-on rally.
The Nifty 50 added 0.8% to 25,244.75 and the BSE Sensex rose 0.85% to 82,755.51, their highest closing levels since early October.
Eleven of the 13 major sectors logged gains.
The broader small-caps and mid-caps gained 1.5% and 0.4%, respectively.
Index heavyweight HDFC Bank gained 1%.
Reliance Industries rose about 1.1%, with multiple brokerages projecting an improvement in corporate earnings for the ongoing June quarter.
IT index climbed 1.6%, led by Infosys, which added 2.1%.
Global equities rallied after Iran and Israel signalled an end to the hostilities following a public scolding from U.S.
President Donald Trump over ceasefire violations. The MSCI World Index hit a record high, and Asian and emerging market stocks excluding Japan logged gains. [MKTS/GLOB]
“The ceasefire, despite being a fragile one, seems to be working so far and it has only ignited aggressive bids for risk assets,” said Jaykrishna Gandhi, head of business development of institutional equities at Emkay Global.
Among individual stocks, Multi Commodity Exchange rose 5.4% after UBS reiterated “buy” and raised target price, citing robust volume growth.
Indian Hotels gained 2.3% after JPMorgan initiated coverage at “overweight” and forecast a 16% upside in the next 12 months on strong fundamentals.
Indiamart Intermesh jumped about 6.6% after Nuvama raised its rating by two notches and raised its price target to a street-high 3,800 rupees from 2,100 rupees, pointing to signs of a demand revival.
Titan Company rose 3.7% after Macquarie reiterated “outperform” and raised target price, citing buoyant jewellery sales in the June quarter.
Bucking broader gains, Dixon Technologies slipped 2.4% on concerns that key client Motorola may divert domestic orders to rival Karbonn.
(Reporting by Vivek Kumar M and Bharath Rajeswaran; Editing by Sumana Nandy, Janane Venkatraman and Vijay Kishore)
