Broad-based gains across sectors helped Indian shares start higher on Wednesday, but persistent worries about the ongoing global banking crisis kept investors on the sidelines.
As of 9:42 a.m. IST, the Nifty 50 indicator was up 0.33% at 17,008.20. To 57,772.50, the S&P BSE Sensex increased by 0.28%.
Indian Shares Start Higher
In the session on Wednesday before the March derivatives series monthly expiration, analysts anticipate significant volatility.
Twelve out of the thirteen main sectoral indices increased, with 0.4% gains in each of the heavily weighted financial and information technology sectors.
- Broad-based gains across sectors helped Indian shares start higher on Wednesday.
- Alibaba, which increased 15% in Hong Kong on plans to split into six units.
- Adani Enterprises and Adani Ports, increased by more than 1.5%
Alibaba, which increased 15% in Hong Kong on plans to split into six units and consider fundraising or listings, helped the broader Asian stock indexes rise.
The sell-off in shares of the Adani group soured the atmosphere and caused the Nifty 50 to decline on Tuesday.
Adani Enterprises and Adani Ports, two of the Adani group’s Nifty 50 equities, increased by more than 1.5% and were among the top gainers.
The conglomerate’s shares dropped on Tuesday after a report claimed that it was attempting to renegotiate the terms of $4 billion in outstanding loans acquired to purchase ACC and Ambuja Cements. The story was described as “totally false and untrue” by a group spokesperson.
After international brokerage firm JP Morgan reiterated its “overweight” recommendation on the stock, noting a favorable risk-reward ratio and room for a re-rating in 2023, Bajaj Auto increased by more than 1%.
