28.01.202611:23:06UTC+00Indian Stocks Extend Rebound

On Wednesday, Indian stock markets closed on a stronger note, continuing their recovery from a dip experienced earlier in the week. This rebound was driven by optimism regarding India's trade agreement with the European Union and increased government expenditure in anticipation of the upcoming budget announcement. The S&P BSE Sensex climbed 0.6% to finish at 82,345, while the NSE Nifty 50 rose 0.7% to 25,340. Prime Minister Narendra Modi announced that India has secured a trade agreement with the EU, which involves Brussels reducing tariffs on 99.5% of imports from India over the next seven years. Companies involved in defense and those with domestic infrastructure projects through government contracts saw significant gains, as they anticipate the fiscal year 2027 budget reveal on Friday. Reliance Industries gained 1.3%, Power Grid increased by 1.7%, and UltraTech Cement went up by 1.5%. Conversely, Asian Paints saw a decline of 4.2% following modest volume growth reported for the December quarter.