Indian shares edged higher on Wednesday, led by gains in information technology stocks, as the benchmarks fell in the previous two sessions on foreign selling and high oil prices, Reuters reported.
The NSE Nifty 50 and BSE Sensex were higher in early trade, with IT stocks among the biggest gainers. TCS, Wipro and Coforge rebounded, with some major IT stocks rallying up to 6%, ending an eight-session losing streak for the sector.
The rebound came after foreign investors continued to sell Indian equities for a fourth straight session on Tuesday, offloading nearly 100 billion rupees ($1.1 billion), while domestic institutional investors bought about 70 billion rupees.
Brent crude was around $103 a barrel on Wednesday, a worry for the oil-importing Indian economy. Those factors have contributed to the market’s decline of late. Foreign selling has been persistent and oil prices are high.
The Nifty dropped 0.28% on Tuesday. The Sensex fell 242.65 points, or 0.33%, as investors eyed oil prices and global geopolitical concerns.
