Indian Shares Edge Higher Despite Weak Global Cues

(RTTNews) - Indian shares were moving higher in early trade on Wednesday despite weak cues from global markets.

Global sentiment remains fragile after the U.S. military launched fresh strikes against Iran in response to the downing of a U.S. Army Apache helicopter off the Oman coast, escalating tensions in the region.

Traders also shifted focus to upcoming U.S. CPI data for valuable insights into market expectations for future interest rates.

The benchmark BSE Sensex jumped nearly 500 points, or 0.7 percent, to 74,421, after having snapped a two-day losing streak the previous day.

The broader NSE Nifty index was up 134 points, or 0.6 percent, at 23,376 as the rupee held steady and oil prices remained below the elevated levels seen in recent weeks.

Among the top gainers, Kotak Mahindra Bank, ICICI Bank, Asian Paints, Infosys, TCS, Trent, Reliance Industries and Hindustan Unilever surged 1-3 percent.

Emcure Pharmaceuticals rallied 3.1 percent after a block deal.

InterGlobe Aviation rose about 1 percent despite state-run fuel retailers raising aviation turbine fuel (ATF) prices by around 10 percent.

NLC India fell 2.6 percent after the government said it would exercise the oversubscription option to offload a 3 percent stake in the company via an offer for sale.

Ajanta Pharma was moving higher after promoter entity Ravi Agrawal Trust sold a 2.8 percent stake in the company.