India’s BSE Sensex climbed about 0.7% to 77,557 at the open on Wednesday, rebounding from the previous session’s losses as softer-than-expected US inflation data improved global risk sentiment and lifted financial stocks. Banks and other financials led the advance, helping to counter weakness in information technology counters, which tracked overnight declines in global tech shares after a cautious outlook from IBM weighed on sentiment.
Among major financial names, Axis Bank, State Bank of India, Shriram Finance, and IDBI Bank rose between 1.8% and 3.6%. Upside for the broader market, however, was limited by renewed geopolitical tensions in the Middle East, which drove Brent crude prices higher.
In stock-specific action, L&T Technology was in focus after it reported an 11.5% rise in quarterly revenue, while Tata Elxsi dropped about 4.9% despite posting an 18.2% increase in first-quarter profit. Wipro and Infosys are also likely to stay under pressure after their US-listed shares declined overnight following weaker-than-expected IBM earnings.
