Markets inched higher in early trade Wednesday, led by metal and energy companies and amid gains in Asian stocks, while investors await US inflation data later in the day for hints on the pace of interest rate hikes from the US Federal Reserve.
The Nifty 50 was up 0.29% at around 16,290, while Sensex rose 0.21% to 54,480. The benchmark indices posted losses for a third straight session on Tuesday.
Sectoral indices Nifty Metal, which closed 5.2% lower in the previous session, rose 1.7%. Nifty Energy, Nifty Finance and Nifty Auto were also among the gainers, advancing between 0.6% and 1% respectively.
Adani Ports up 1.6%, is scheduled to report quarterly results later in the day.
Drug maker Cipla was down 1.9%, weighing on Nifty Pharma, which fell 0.15%. The company reported March-quarter consolidated net profit of Rs 3.62 billion, down 12.4% year-on-year.
Asian shares edged higher on Wednesday after hitting close to two-year lows in the previous session, ahead of keenly awaited US inflation data. US consumer price index data for April is due later in the day.
