Indian markets end higher amid global weakness; autos, financials and oil & gas lead recovery

Indian equity benchmarks closed in the green on Wednesday, managing modest gains despite weakness across major Asian markets, as buying in auto, financial and oil & gas stocks helped domestic indices recover from intraday lows. The BSE Sensex rose 117.54 points, or 0.16 per cent, to settle at 75,318.39, while the NSE Nifty 50 gained 41 points, or 0.17 per cent, to close at 23,659. The GIFT Nifty traded at 23,671, indicating steady sentiment in domestic equities.

Sectorally, the Nifty Oil & Gas index emerged as the top gainer, rising 1.67 per cent to 11,367.15, followed by the Nifty Auto index, which advanced 0.82 per cent to 25,909.35. Realty stocks also witnessed buying interest, with the Nifty Realty index climbing 0.68 per cent to 767.90. Banking stocks traded with a positive bias as the Nifty PSU Bank index gained 0.50 per cent to 7,976.30, while the Nifty Private Bank index rose 0.27 per cent to 26,035.95.

However, weakness persisted in select sectors. The Nifty Media index declined 1.43 per cent to 1,400.30, while the Nifty FMCG and IT indices fell 0.63 per cent and 0.46 per cent, respectively. The Nifty Financial Services 25/50 index remained largely flat, slipping marginally by 0.01 per cent. Commenting on the market trend, Vinod Nair, Head of Research, Geojit Investments, said, "Markets recovered from intraday lows, supported by selective buying in large cap stocks across autos, financials, and oil & gas. Autos and financials gained on relatively better Q4 earnings, while recent fuel price hikes supported sentiment for OMCs and refiners. Realty stocks also witnessed value buying after the recent correction."

The Indian rupee declined to a record low and, at the time of filing this report, was trading at 96.86 to a U.S. dollar. "However, persistent rupee weakness and elevated crude prices continue to weigh on sentiment due to concerns around inflation and margin pressures, while FII flows remain mixed. Globally, risk appetite remains subdued as US bond yields stay near multi-year highs, tightening financial conditions and limiting equity upside. Continued Middle East tensions have kept crude prices elevated near USD 110 per barrel, adding to global inflation concerns," Nair said.

He also mentioned that markets are now awaiting the US Fed's April policy minutes for further direction on the interest rate outlook. "Overall, the broader trend remains range-bound with a negative bias, with sector and stock-specific opportunities likely to dominate," he added. Across Asia, markets largely ended lower. Japan's Nikkei 225 dropped 1.24 per cent, Hong Kong's Hang Seng index fell 0.67 per cent, while South Korea's KOSPI declined 0.87 per cent. Taiwan Weighted, Jakarta Composite and Singapore's Straits Times index also closed lower. Thailand's SET Composite was among the few regional indices to post gains alongside India.

At the time of filing this report, in commodities, Brent crude declined USD 1.97, or 1.77 per cent, to USD 109.31 per barrel, while crude oil traded lower by USD 1.77, or 1.70 per cent, at USD 102.38 per barrel. Gold prices remained largely steady, slipping marginally by 0.04 per cent to USD 4,486.68 per ounce. (ANI)