India's benchmark stock indices held on to their gains through midday on Wednesday as non-bank financial companies led the rally after reporting positive business updates for fiscal 2023.
Adding to this, India's service activity, though off its 12-year high in March, easing from 59.4 in February to 57.8 in March, continues to expand for the 20th straight month, according to a monthly survey.
European futures and Asian markets slipped as concerns persisted over the path of global monetary policy and the health of U.S. banks. Stocks in Europe may struggle for traction at open, as the Euro Stoxx 50 contracts dropped about 0.2%. MSCI Inc.'s Asia benchmark was set to end a six-day winning streak, with almost all sectors in the red on Wednesday. Futures for U.S. equities were little changed after posting small gains earlier.
As of 12:16 p.m., the S&P BSE Sensex gained 418 points, or 0.71%, to 59,524.05, while the NSE Nifty 50 rose 114 points, or 0.65%, to 17,511.60.
Bajaj Finance Ltd., HDFC Bank Ltd., Housing Development Finance Corporation Ltd., ITC Ltd., JSW Steel Ltd., Kotak Mahindra Bank Ltd., Larsen & Toubro Ltd., Power Grid Corp of India Ltd., Tata Consultancy Services Ltd., and Titan Co. were among the top gainers in the Nifty 50.
Adani Enterprises Ltd., Axis Bank Ltd., Eicher Motors Ltd., ICICI Bank Ltd., Mahindra & Mahindra Ltd., Reliance Industries Ltd., and State Bank of India weighed on the Nifty.
All Adani Group companies with the exception of Adani Ports and Special Economic Zone Ltd. declined.
The broader market indices opened higher; S&P BSE MidCap was unchanged, whereas S&P BSE SmallCap was higher by 0.76%.
Fourteen out of the 19 sectors compiled by BSE advanced, while S&P BSE Energy, S&P BSE Utilities, S&P BSE Auto, S&P BSE Oil and Gas, and S&P BSE Power declined in trade.
The market breadth was skewed in favour of buyers. About 2,406 stocks rose, 945 declined, and 130 remained unchanged on the BSE.
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