Indian shares edge higher after selloff; oil, US rate worries cap gains

Business Recorder reported that Indian equities advanced on Wednesday, bouncing back from a recent downturn. Banks and payments companies led the move after a government fee on certain UPI transactions lifted the segment. The Nifty 50 gained 0.43% to 23,217.6, while the BSE Sensex was 0.45% higher at 74,336.45 points. Twelve of the 16 major sectors finished in positive territory, while small-caps slipped 0.2% and mid-caps were flat.

Oil prices limited the advance as the Middle East conflict deepened, and investors stayed cautious ahead of an expected US Federal Reserve rate increase later that day. Brent crude hovered near $108 a barrel after Saudi Arabia halted oil loadings at its Yanbu port and reduced shipments to Europe. Traders warned that a wave of IPOs, elevated oil and a possible Fed hike could keep pressure on the market.

On the stock level, Radiant Cash Management and CMS Info Systems gained 6% and 3.3% respectively, as investors anticipated higher cash withdrawals tied to UPI charges. Saatvik Green Energy climbed 5.5% after winning an order valued at over 10 billion rupees, or $104.2 million. Paytm, a payments platform, rose 3.5% during the session.