Indian shares advance as earnings optimism counters oil surge

Indian shares advanced on Wednesday as stock-specific gains after quarterly earnings offset higher Brent crude prices on reports the U.S. may extend its blockade of Iranian ports, limiting the upside.

Brent crude hovered around $115 a barrel. Higher oil prices pose risks for India, the world’s third-largest crude importer, by fuelling inflation and pressuring growth and corporate earnings.

The Nifty 50 rose 0.76% at 24,177.65, and Sensex added 0.79% to 77,496.36.

Eleven of the 16 major sectors advanced. The auto index rose 1.2%.

Maruti Suzuki jumped 2.9%, rebounding from Tuesday’s 2.5% drop after its surprise March-quarter profit fall as multiple brokerages pointed to steady demand and volumes as positives.

Index heavyweight Reliance gained 2.6% and took its three-session rise to 7.4% after quarterly results.

Vedanta rose 4.6% after posting higher quarter profit on base metal price surge.

Eternal, Bandhan Bank, Star Health, Dalmia Bharat and Canara HSBC Life

surged 0.3%-11% on upbeat quarterly results.

The broader small-caps rose 0.7% while mid-caps were little changed.

“By and large, the earnings season has had no negative surprises, except for the subdued growth guidance by IT companies, which is supporting sentiment,” said Kranthi Bathini, director of equity strategy at WealthMills Securities.

While crude prices have risen and foreign outflows from Indian equities already exceeded total sales in 2025, markets have swung between gains and losses in recent sessions, as attractive valuations, strong domestic buying and bargain hunting provide a counterweight, Bathini said.

Meanwhile, markets await the Federal Reserve’s rate decision, due after market hours on Wednesday. While a pause is priced in, the commentary on inflation could offer clues into future rate trajectory.