Indian shares ended higher for the third session in a row on Wednesday, in contrast to their Asian peers that fell after Federal Reserve Chair Jerome Powell warned of bigger interest rate hikes.
The Nifty 50 index (.NSEI) added 0.24% to 17,754.40, while the S&P BSE Sensex (.BSESN) closed 0.21% higher at 60,348.09.
Both benchmarks opened lower, in tandem with Asian stocks. However, Asian stocks remained under pressure after Powell's said on Tuesday that strong U.S. economic data could lead to prolonged and higher-than-expected rate hikes.
The probability of a 50 basis point hike at the Fed's policy meeting later this month has now risen above 70%. .FEDWATCH
Eight of the 13 major domestic sectoral indexes advanced, with high weightage financials (.NIFTYFIN) and auto (.NIFTYAUTO) adding 0.13% and 0.85%, respectively.
However, the information technology (IT) index (.NIFTYIT) fell nearly 0.40%. IT companies earn a significant share of their revenue from the United States, making them sensitive to the possibility of higher rates curbing client spending.
Adani Enterprises (ADEL.NS) and Adani Ports added 2.83% and 3.11%, respectively, and were among the top Nifty 50 gainers.
"Foreign investors turning buyers in Indian equities over the last three sessions and the easing of concerns over Adani group are the only silver-linings for our markets," said Anita Gandhi, director at Arihant Capital Markets.
Among stocks, IndusInd Bank (INBK.NS) jumped nearly 5% to the top of the Nifty 50 after a report said its chief executive officer's term could be extended.
