India’s equity benchmarks were steady at the open on Wednesday, as positive momentum in energy stocks, driven by ONGC and oil marketing companies on an improved earnings outlook, countered losses in consumer stocks.
The Nifty 50 was up 0.16% at 23,777.43 points, as of 9:28 a.m. IST, while the BSE Sensex traded flat at 78,605.23.
Eleven of the 13 major sectors posted early gains. Energy and state-owned firms climbed about 1.4% each, with ONGC leading the charge following an improved production outlook, which also resulted in a rating upgrade by Macquarie.
Oil marketing companies BPCL and HPCL rose 3.3% each after Goldman Sachs upgraded them to “buy” from “neutral”, citing improved earnings outlook for the companies.
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Shares of Asian Paints lost 4.3% after the paint maker missed the September-quarter profit view on Tuesday. Consumer stocks shed 0.6% to top the list of sectoral losers.
Both blue-chip indexes - NSE Nifty 50 and BSE Sensex - climbed 1.6% and 1.8%, respectively, on Tuesday, logging their best session in a month and pushing them into positive territory for 2025.
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