NEW DELHI: Indian equity benchmarks ended slightly higher on Wednesday despite weak cues from Asian markets, as gains in auto, financial and oil & gas stocks helped indices recover from intraday lows.
The BSE Sensex rose 117.54 points, or 0.16 per cent, to close at 75,318.39, while the NSE Nifty 50 gained 41 points, or 0.17 per cent, to settle at 23,659. GIFT Nifty traded at 23,671, indicating stable domestic sentiment. Among sectors, Nifty Oil & Gas emerged as the top performer, climbing 1.67 per cent, supported by higher fuel prices that boosted sentiment for oil marketing companies and refiners. Nifty Auto gained 0.82 per cent on the back of better-than-expected fourth-quarter earnings, while Realty stocks advanced 0.68 per cent amid value buying after recent corrections. Banking shares also traded positively, with PSU Bank and Private Bank indices posting moderate gains.
On the downside, Media stocks fell 1.43 per cent, while FMCG and IT sectors also ended lower. The Nifty Financial Services 25/50 index remained largely flat.
Vinod Nair, Head of Research at Geojit Investments, said markets recovered due to selective buying in large-cap stocks, especially autos, financials and oil & gas companies. He added that realty stocks also attracted buying interest after recent declines.
Meanwhile, the Indian rupee weakened further to a record low of 96.86 against the US dollar. According to Nair, persistent rupee weakness and elevated crude oil prices continue to pressure market sentiment due to inflation and margin concerns.
Globally, investor sentiment remained cautious as US bond yields stayed near multi-year highs, tightening financial conditions. Ongoing Middle East tensions also kept crude oil prices elevated near USD 110 per barrel. Investors are now awaiting the US Federal Reserve’s April policy meeting minutes for clarity on future interest rate trends. (ANI)
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