Indian shares recovered from an early slide to end modestly higher on Wednesday.
A cautious undertone prevailed as investors positioned for the April U.S. consumer price inflation data due out later in the day that could determine the Federal Reserve’s next interest rate decision.
Markets were also monitoring the developments of the U.S. debt ceiling after a high stakes meeting between U.S. President Joe Biden and key lawmakers from both parties on Tuesday yielded no breakthrough.
The U.S. government could start to run out of money if Congress does not act in three weeks.
The benchmark S&P BSE Sensex ended the session up 178.87 points, or 0.29 percent, at 61,940.20, with gains in rupee and a reversal in oil prices offering some support.
Oil prices fell more than 1 percent in European trade to snap a three-day rally after industry data showed a surprise build in U.S. crude and gasoline stockpiles.
The broader NSE Nifty index settled 49.15 points, or 0.27 percent, higher at 18,315.10, led by financials.
IndusInd Bank topped the gainers list to close 2.8 percent higher while BPCL, Tata Motors, Power Grid Corp and HDFC Life added 1-2 percent.
On the losing side, UPL lost 2 percent and Dr Reddy’s Laboratories gave up 1.3 percent.
Market Analysis
Sensex, Nifty Shrug Off Weak Global Cues To End Higher
2023-05-10 10:28:27
