Sensex, Nifty gain as government increases spending
After the government increased spending and lifted the minimum tax rebate limit, Indian markets soared on Wednesday.
As of 12:32 p.m. IST, the Nifty 50 index was up 1.5% at 17,922.50 and the S&P BSE Sensex was up 1.6% at 60,528.
Among the 13 key industries, banks and financials saw the biggest increases, climbing 1.5% and 1.6%, respectively.
In the meantime, the majority of Adani Group shares fell, increasing their losses since the report by short-seller Hindenburg Research.
Indian bond yields reversed course after the government announced gross borrowing at 15.43 trillion rupees for the next financial year.