BENGALURU, July 27 (Reuters) - Indian shares rebounded on
Wednesday after a shaky start to the week, closing 1% higher, as
Bajaj Finance and engineering major Larsen & Toubro advanced on
better-than-expected earnings, offsetting investor worries ahead
of the Federal Reserve's policy decision.
The NSE Nifty 50 index closed 0.96% higher at
16,641.8, while the S&P BSE Sensex rose 0.99% to
55,816.32. The indexes have risen over 5% each so far this month
as crude prices dropped, easing inflation fears.
The session started on a muted note, following IMF's
downgrade of India's growth outlook and as investors braced for
the U.S. Federal Reserve to hike rates by 75 basis points.
But a strong advance in European stock markets on a batch of
strong results helped boost sentiment.
In Mumbai, non-bank lender Bajaj Finance climbed
2.1% to its highest in nearly three months after reporting a
better-than-expected jump in quarterly profit.
Enginering and construction conglomerate Larsen & Toubro
jumped 2.6% to its highest since mid-April after
beating profit estimates.
Top carmaker Maruti Suzuki India advanced 1.6%
after reporting a rise in profit.
Meanwhile, the Nifty Pharma index added 2.3% to
register its best day since May 20, with Sun Pharma
Food delivery firm Zomato, which crashed around
22% over the last two sessions, climbed 5.5%.
Department store Shoppers Stop gained 7.9% to its
highest in nearly four years after returning to a profit in the
Tata Motors closed 0.7% higher ahead of its
(Reporting by Chris Thomas in Bengaluru)