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Indian Shares Rebound as Tech Stocks, Hdfc Bank Offer Support

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.

The NSE Nifty 50 index (.NSEI) was up 0.63% at 17,079.25, as of 0350 GMT, while the S&P BSE Sensex (.BSESN) rose 0.73% to 56,880.74.

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