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Key stock market indices NSE Nify 50 and BSE Sensex rose on Wednesday, helped by heavyweight banking stocks, with investors also taking cues from broader Asian markets that hit three-week highs.
The blue-chip NSE Nifty 50 rose 0.58 per cent to 17,416.05 and the benchmark S&P BSE Sensex added 0.55 per cent to 58,312.33 by 9.24 am.
After falling nearly 1 per cent on Monday and extending those losses into the first half of Tuesday — due to higher oil prices — both the indexes staged a mid-day reversal to end more than 1 per cent higher as investors bought into the dip.
Broader Asian markets on Wednesday hit their highest levels since March 4 as investors moved cash back into equities from bonds in preparation for the US Federal Reserve's aggressive approach to combat inflation.
The Nifty Bank Index climbed 1.06 per cent. State Bank of India rose 1.4 per cent and was among the top percentage gainers on the Nifty 50.
The Nifty Pharma Index was up 0.81 per cent, with pharma major Dr Reddy's Laboratories rising 1.8 per cent and topping the Nifty 50 percentage gainers.
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