India's benchmark stock indices swung between gains and losses to end higher on Wednesday.
The indices advanced for the fourth day as the Nifty ended above 19,600, whereas the Sensex ended above the 65,800 level—the highest level for both indices in four weeks since Aug. 9.
The real estate and PSU banking sectors dragged, whereas pharmaceuticals and fast-moving consumer goods rose in trade. The rupee was trading above the 83 level against the U.S. dollar, whereas the yield on the 10-year bond traded around 7.22%.
The S&P BSE Sensex closed 100 points up, or 0.15%, at 65,880.52, while the NSE Nifty 50 ended 36 points, or 0.18%, lower at 19,611.05.
European stocks fell amid weak German data and elevated oil prices that reignited concerns over inflation. The Stoxx 600 index retreated 0.6%, sliding for a sixth day after German factory orders plummeted in July, a sign that the woes of Europe's biggest economy continued into the third quarter.
West Texas Intermediate held near the highest level since November, and Brent hovered around $90 a barrel—after breaching the level on Tuesday—as the largest OPEC+ producers extended their supply cuts to year-end.
Asian stocks traded mixed, with benchmark indexes fluctuating in Hong Kong and mainland China but rising in Japan for an eighth day. Chinese property developers extended their gains, with Sunac China Holdings Ltd. up more than 70% before retreating on speculation that more stimulus will come.
HDFC Bank Ltd., ITC Ltd., Bharti Airtel Ltd., Tata Consumer Products Ltd., and Reliance Industries Ltd. were positively adding to the change in the Nifty 50.
ICICI Bank Ltd., Axis Bank Ltd., Tata Steel Ltd., NTPC Ltd., and Hindalco Industries Ltd. were negatively contributing to the change.
The broader market indices ended mixed; the S&P BSE MidCap index was up 0.13%, whereas S&P BSE SmallCap index was 0.04% lower.
Eight of the 20 sectors compiled by BSE Ltd. declined, while 12 advanced. The S&P BSE Telecommunication and S&P BSE Fast-Moving Consumer Goods rose the most.
The market breadth was skewed in the favour of buyers. About 1,956 stocks rose, 1,689 declined, while 146 remained unchanged on the BSE.
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