Indian Equities Edge Higher on Wednesday Amid Oil, Currency Concerns
Indian benchmark indices closed modestly higher on Wednesday, although markets remained range-bound for a fourth consecutive session as elevated crude oil prices and currency weakness continued to limit investor appetite.The BSE Sensex gained 117.54 points, or 0.2%, to close at 75,318.39, while the NSE Nifty 50 rose 41.00 points, or also 0.2%, to settle at 23,659.00.Investor sentiment stayed cautious amid a lack of progress in U.S.-Iran negotiations, which kept concerns over global oil supply and energy prices in focus. The continued weakness in the Indian rupee also added to market uncertainty.In corporate developments, Tata Communications (NSE:TATACOMM, BOM:500483) surged 8% after appointing Ganesh Lakshminarayanan as managing director and chief executive officer, effective Wednesday.JSW Energy (NSE:JSWENERGY, BOM:533148) rose nearly 1% after reporting increase in fiscal fourth-quarter consolidated profit to 22.4 billion rupees from 19.5 billion rupees a year earlier. Revenue from operations increased to 189.0 billion rupees from 117.5 billion rupees.