BENGALURU: Indian shares shrugged off a weak start to finish slightly higher on Wednesday, as a recovery in global markets brought some sense of stability among investors, while Vedanta slumped after Moody’s downgraded the miner’s parent.
The Nifty 50 closed up 0.26% at 19,716.45 points, while the S&P BSE Sensex rose 0.3% to end at 66,118.69 points.
The indexes were lower in the morning session, but consumer and pharma companies led the recovery.
Global stocks inched higher on the day, while US Treasury yields dipped after hitting their highest level since 2007 on expectations of higher-for-longer interest rates. “When the market corrects, there are always some bounce back. Still, the trend for markets is down on weak global cues,” said Neeraj Dewan, director at Quantum Securities.
The more domestically focused small-caps ended up 1%, while mid-caps rose 0.7%.
The IT and pharma indexes rose for the first time in seven sessions, gaining 0.4% and 1.2%, respectively. Fast moving consumer goods rose 0.8%.
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