Indian stocks experienced slight gains on Wednesday, recovering from an initial dip. Encouraging indications from Europe and a surge in U.S. stock futures prompted confidence after U.K. inflation turned out lower than predicted, raising expectations for prospective rate cuts by the Bank of England.
The standard S&P/BSE Sensex closed the session up by 267.64 points or 0.37 percent, settling at 71,822.83. Earlier, it had dropped to a low of 70,809.84 amid diminishing U.S. rate cut anticipations.
The broader NSE Nifty index settled at 21,840.05, up by 96.80 points or 0.45 percent. Public sector unit stocks spearheaded the gainers list. BPCL surged by 7.3 percent, while Coal India, ONGC, and SBI saw a 3-4 percent increase.
Tata Steel, which gained 2.6 percent, announced a "significant step towards promoting inclusivity" by accepting applications from transgender applicants for various positions across multiple locations.
On the other hand, tech and pharma stocks witnessed a decline. Companies such as TCS, Infosys, Dr Reddy's Laboratories, Cipla, and Tech Mahindra suffered losses ranging 1-3 percent.
The dollar lingered near a three-month peak, and U.S. 10-year Treasury yields rose following the U.S. consumer price index data proved hotter than anticipated, decreasing the chance of early U.S. rate cuts this year.
Gold prices touched two-month lows, while oil prices largely stagnated in the European trade, offsetting some of Tuesday's gains as industry data revealed a significant increase in U.S. crude stockpiles.
