Indian shares regained some lost ground on Wednesday after a sharp sell-off in the previous session, as beaten-down HDFC Bank and technology stocks eked out gains, with investors awaiting key corporate earnings amid concerns about runaway inflation.
Both the indexes fell sharply in the final hour of trading on Tuesday after Russia said it was starting a new stage of what it calls its special military operation in Ukraine.
Most of Nifty’s major sub-indexes were trading higher early on Wednesday, with Nifty’s IT sub-index (.NIFTYIT) snapping eight sessions of losses to rise 0.9%.
Private-sector lender HDFC Bank (HDBK.NS) rose 1%, after sliding for nine consecutive sessions.
Reliance Industries (RELI.NS) jumped 1.3%, a day after Reliance Brands said it had signed a deal to buy a 51% stake in fashion label Abu Jani Sandeep Khosla.
Shares of ICICI Securities (ICCI.NS) added 1.2% ahead of reporting March-quarter results.
Meanwhile, the International Monetary Fund (IMF) cut its growth forecast for India for FY23 by 80 basis points to 8.2%.
Source By: Reuters