Indian shares rose in early trade on Wednesday, with domestic markets overcoming weak global cues marked by escalating geopolitical tensions.
Global sentiment remained fragile following the United States’ fresh military strikes against Iran after the downing of a U.S. Army Apache helicopter off the Oman coast. Meanwhile, traders monitored upcoming U.S. CPI data for insights into future interest rate expectations.
The benchmark BSE Sensex climbed nearly 500 points, or 0.7 percent, to 74,421, snapping a two-day losing streak. The broader NSE Nifty index gained 134 points, or 0.6 percent, to 23,376, while the rupee held steady and oil prices stayed below recent peaks.
Banks and infrastructure shares led the advance, with Kotak Mahindra Bank, ICICI Bank, Asian Paints, Infosys, TCS, Trent, Reliance Industries and Hindustan Unilever climbing 1-3 percent. Emcure Pharmaceuticals jumped 3.1 percent after a block deal, while InterGlobe Aviation rose about 1 percent, even as aviation turbine fuel prices jumped 10 percent due to state-run retailers’ price hikes.
NLC India fell 2.6 percent after the government announced plans to offload a 3 percent stake via offer for sale. Ajanta Pharma also gained on news that promoter entity Ravi Agrawal Trust sold a 2.8 percent stake in the company.
