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BENGALURU: Indian stocks trimmed early gains on Wednesday as investors remained cautious of the business impact from COVID-related lockdowns in China, ahead of the U.S. Federal Reserve’s November policy meeting minutes.

The benchmark S&P BSE Sensex gained 0.16% to 61,513.13, while the NSE Nifty 50 index added 0.14% to 18,269.75, as of 0530 GMT. Earlier in the day, the indexes rose as much as 0.5% in early trade.

“What happens in China with respect to strict COVID-19 restrictions and supply issues will remain a factor,” said Mayuresh Joshi, head of equity research at William O Neil India.

China’s strict COVID-19 restrictions could have ramifications on global supply chain, Joshi said, adding that markets are going for a base case scenario of 50 basis points rate hike from the Fed.

Fed’s minutes, due at 1900 GMT, will be vetted by investors for clues on the pace of interest rate hikes.

Among sectoral indexes, Nifty pubic sector bank index climbed nearly 1%, sustaining its upward trend on the back of improved asset quality of state-run lenders.

Indian shares snap 3-day slide as IT, metals rise; Fed minutes eyed

Shares of state-run Punjab National Bank, Indian Bank, Canara Bank and Bank of Baroda hit multi-year highs.

India’s top lender State Bank of India was among the top gainers on Nifty 50 index, rising 1%. Drug maker Cipla and top car maker Maruti Suzuki also advanced by similar magnitude.

Overnight, Wall Street’s three main indexes rose, aided by gains in technology, energy and healthcare stocks. The MSCI Asia ex Japan index was up 0.50% on Wednesday.

Among individual stocks, Inox Green Energy listed at 8% discount to issue price. Delhivery fell to a fresh low after a block deal, while Hindustan Zinc fell most in over four months, as the share traded ex-dividend.

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