Indian stocks rebounded from an early dip to close slightly higher on Thursday. Despite initial pressure from rising oil prices and uncertainty surrounding the timing of the Federal Reserve's rate cuts, positive influences from Asian and European markets facilitated a recovery in the latter part of the day.
Federal Reserve Chair Jerome Powell, while implying a likely reduction in the key interest rate later this year, also drew attention to the necessity for clearer evidence of inflation abating.
In the lead up to the Reserve Bank of India's rate decision and the announcement of the fourth-quarter earnings, the principal S&P Sensex finished 350.81 points, or 0.47 percent, higher at 74,227.63. Concurrently, the broader NSE Nifty index, buoyed by advances in private banking and technology stocks, ended 80 points, or 0.36 percent, up at 22,514.65.
After publishing its Q4 update, private sector lender HDFC Bank saw its shares leap 3.1 percent. Asian Paints, Eicher Motors, Tech Mahindra, and Titan Company all experienced roughly a 2 percent increase in share value. Conversely, Bharti Airtel, BPCL, Shriram Finance, Adani Ports and ONGC each saw a 1-2 percent decline.
