India's benchmark stock indices reversed their morning losses to edge higher by midday, led by gains in FMCG stocks.
Asian markets were mixed, while U.S. equity futures rose, a sign that the four-day decline of the S&P 500 is primed for a comeback. The Fed minutes showed that the officials expect further interest rate increases to tame inflation.
On the other hand, the members of the RBI remained committed to bringing inflation within the target, while the external member Jayanth R Varma expressed the need to exercise caution amidst headwinds to growth, the MPC minutes showed.
At 11:57 a.m., the S&P BSE Sensex rose 84 points, or 0.14%, to 59,828.81, while the NSE Nifty 50 gained 23 points, or 0.13%, to 17,576.80.
ITC Ltd., UPL Ltd., Coal Inda Ltd., TCS Ltd., Tata Steel Ltd., and Tata Motors Ltd. were the top gainers in the gauge.
Whereas, Asian Paints Ltd., IndusInd Bank Ltd., HDFC Life Insurance Co., Titaan Co., and HDFC Bank Ltd. were the top losers amongst the NSE Nifty 50 constituents.
The broader market indices were trading mixed, with the S&P BSE MidCap falling 0.39% while the S&P BSE SmallCap gained 0.21% by midday trade.
Ten out of the 19 sectors compiled by BSE Ltd. declined, while nine sectors advanced in trade.
The market breadth was skewed in the favour of the bears. About 1,585 stocks rose, 1,674 declined, and 154 remained unchanged on the BSE.
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