After two consecutive sessions of losses, Indian stock indices gained some fresh steam in early trade on Wednesday. At 10.12 a.m., Sensex traded at 55,404.13 points, up 135.64 points or 0.25 per cent, whereas Nifty traded at 16,518.35 points, up 34.50 points or 0.21 per cent.
Prior to the latest two-day decline, the Indian stocks had witnessed six consecutive sessions of the rally.
Indian equity markets recorded their best weekly performance during the past week, supported by renewed buying, especially in banking and IT stocks as well as the return of foreign investments into the Indian markets after months.
The domestic equity market closed at its highest level in seven weeks, marking its best week since February 2021. Sensex and Nifty during the week rose around 3-4 per cent on a cumulative basis.
For fresh cues, the US Fed's monetary policy meeting outcome to be released on Wednesday will be in focus among investors.
"The Fed announcement on interest rates expected late tonight is unlikely to impact equity markets in a big way since the most likely outcome of 75 bp rate hike has been discounted by the markets," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
"The market, which continues to be volatile, is swinging between fears of an imminent US recession on one side and hopes of the US avoiding a sharp economic slowdown on the other. Only time will tell which of the two scenarios will play out," Vijayakumar added.
Meanwhile, shares in other Asia Pacific regions traded lower on Wednesday with Hong Kong stocks leading losses, as Australia's inflation rose and investors looked forward to the Fed's policy decision, said Deepak Jasani, Head of Retail Research, HDFC securities.
Today, first-quarter earnings for Maruti Suzuki India, Tata Motors, Bajaj Finance, Biocon, Colgate-Palmolive, Aarti Drugs, CG Power and Industrial Solutions, Clean Science and Technology, Coromandel International, Dixon Technologies, EIH, Fino Payments Bank, Home First Finance Company India, JK Lakshmi Cement, Latent View Analytics, Laurus Labs, Novartis India, Poonawalla Fincorp, Schaeffler India, TeamLease Services, United Breweries, VIP Industries, and Welspun India are to be released, Mohit Nigam, Head - PMS, Hem Securities said in a note.
( With inputs from ANI )
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