Indian shares rise as financials gain; tech stocks drop


Indian shares rose on Wednesday, after declining for two straight sessions, as banking stocks jumped amid strength in broader Asian equities, although the gains were capped by losses in the technology sector.

The NSE Nifty 50 index was up 0.50% at 16,205.30 by 0353 GMT, while the S&P BSE Sensex rose 0.36% to 54,245.74.

The Nifty’s finance, banking, and private sector banks’ sub-indexes rose over 1% each, while the IT index fell 1.4%.

Adani Ports fell 2.4% and was among the top losers on the Nifty 50. The port operator, late on Tuesday, a 20% decline in its net profit for the March quarter.

Airline operator InterGlobe Aviation fell 1% ahead of its quarterly earnings results.

Asian stocks were mostly in the positive territory even as global growth concerns loomed and a weak U.S. economic data weighed on Wall Street. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.74%. 

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