Sensex, Nifty Recover From Early Slide; Tech And Pharma Stocks Underperform
(RTTNews) - Indian shares ended modestly higher on Wednesday, revering from an early slide.
Positive cues from Europe and an uptick in U.S. stock futures helped lift sentiment after U.K. inflation came in lower than expected, boosting hopes for early rate cuts by the Bank of England.
The benchmark S&P/BSE Sensex ended the session up 267.64 points, or 0.37 percent, at 71,822.83 after having fallen to a low of 70,809.84 earlier on fading U.S. rate cut hopes.
The broader NSE Nifty index settled 96.80 points, or 0.45 percent, at 21,840.05. PSU stocks topped the gainers list, with BPCL rallying 7.3 percent while Coal India, ONGC and SBI climbed 3-4 percent.
Tata Steel added 2.6 percent. The company said it has taken a "significant step towards promoting inclusivity" by inviting applications from transgender candidates for various positions across multiple locations.
Tech and pharma stocks fell, with TCS, Infosys, Dr Reddy's Laboratories, Cipla and Tech Mahindra losing 1-3 percent.
The dollar held near a three-month high and U.S. 10-year Treasury yields climbed after hotter-than-expected U.S. CPI data reduced the likelihood of early U.S. rate cuts this year.
Gold probed two-month lows while oil prices were little changed in European trade, reversing some of Tuesday's gains as industry data showed a substantial build in U.S. crude stockpiles.
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