BENGALURU: Indian shares rose on Wednesday, led by energy stocks, as crude prices fell, while a drop in high weightage financials after a recent rise capped gains.
The NSE Nifty 50 index was up 0.23% at 19,451.10 as of 10:07 a.m. IST, while the S&P BSE Sensex rose 0.14% to 65,027.13.
“Moderation in US bond yields, positive earnings and a drop in crude oil prices are positive for the markets,” said analysts at Centrum Institutional Research.
Ten of the 13 major sectors rose, with energy and oil & gas rising 0.5% and 1%, respectively.
Indian shares take a pause after a three-day rally
Bharat Petroleum Corporation rose 3% and was the top Nifty 50 gainer.
High weightage financials lost 0.2% after logging gains in each of the last four sessions, adding over 2%.
ICICI Bank, SBI Life Insurance, Bajaj Finance, Kotak Mahindra Bank were among the top Nifty 50 losers, shedding between 0.3% and 0.8%.
Small- and mid-caps outperformed the blue-chips, gaining over 0.75% each.
Wall Street equities rose overnight, while US Treasury yields fell after comments by several Fed officials hinted that the central bank may be close to the end of the rate hiking cycle.
The S&P 500 and Nasdaq Composite stock indexes posted their longest winning streak in two years. Asian markets were flat.
Investors await comments from Fed Chair Powell on Wednesday, for cues into the central bank’s rate outlook.
Brent crude futures hovered around three-month low, weighed down by concerns over waning demand in China and the US Among individual stocks, Apollo Tyres gained 6% after the tyre maker topped second quarter profit view on higher auto sales.
Prestige Estate Projects gained 5% to hit a record high after posting a six-fold jump in net profit in September quarter.
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