Mumbai: Indian benchmark stock indices ended slightly higher on Wednesday after surrendering most of their early gains, as investors booked profits amid rising crude oil prices and ongoing tensions in the Middle East.
The BSE Sensex gained 130.49 points, or 0.17%, to close at 77,185.43 after rising more than 500 points during the session. The NSE Nifty 50 added 27.70 points, or 0.11%, to finish at 24,078.50.
Markets opened strongly after softer-than-expected US inflation data boosted global sentiment. However, the rally lost momentum later in the day as higher oil prices and geopolitical uncertainty encouraged investors to lock in gains.
Brent crude traded at around $85.38 a barrel, while US West Texas Intermediate (WTI) crude stood at $80.04 during afternoon trade, raising concerns over inflation and input costs.
Broader markets outperformed the benchmark indices. The Nifty Smallcap 100 rose 1.13%, while the Nifty Midcap 100 gained 0.46%. The India VIX, a measure of market volatility, declined nearly 5%.
Banking and financial stocks led the gains, while chemical and oil and gas shares also advanced. IT stocks remained under pressure, and the FMCG, metal and media sectors ended lower.
Market participants are expected to closely monitor crude oil prices, geopolitical developments in the Middle East and the ongoing corporate earnings season, which are likely to influence market sentiment in the coming days.
Disclaimer: This content is based on media reports and market data available at the time of reporting and is for informational purposes only. Investors are advised to consult a qualified financial expert before making any investment decisions. VisionMP is not responsible for any loss arising from the use of this information.
