India's benchmark stock indices recovered after a lower open by midday trade on Wednesday, led by gains in index heavyweights Reliance Industries Ltd. and HDFC Bank Ltd.
Nifty was trading above the 20,000 level, whereas Sensex was above the 67,400 mark. Public sector banks and media stocks rose, while information technology and realty shares remained under pressure.
The Nifty SmallCap 250 fluctuated between a 1.28% rise during early trade and a 1.10% fall by early noon, only to recover by midday trade on Wednesday.
India's Consumer Price Index-based inflation stood at 6.83% in August, compared to 7.44% in July, according to data from the Ministry of Statistics and Programme Implementation released on Tuesday. The July figures were the highest in 15 months.
As of 1:01 p.m., the S&P BSE Sensex was 259 points, or 0.39%, higher at 67,480.44, while the NSE Nifty 50 gained 77 points, or 0.39%, to 20,070.25.
Axis Bank Ltd., Bharti Airtel Ltd., HDFC Bank Ltd., Kotak Mahindra Bank Ltd. and Reliance Industries Ltd. were positively contributing to the Nifty 50.
While, Adani Ports and Special Economic Zone Ltd., HDFC Life Inusrance Co., ICICI Bank Ltd., Larsen & Toubro Ltd. and Mahindra & Mahindra Ltd. were weighing the index.
The broader market indices were trading mixed, with the S&P BSE MidCap falling 0.30% and the S&P BSE SmallCap rising 0.29% by midday trade on Wednesday.
Thirteen out the 20 sectors compiled by BSE Ltd. advanced, while seven declined. S&P BSE Energy, S&P BSE Metal and S&P BSE Oil & Gas rose the most.
The market breadth was skewed in favour of the buyers. About 1,888 stocks rose, 1,641 declined, and 141 remained unchanged on the BSE.
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