At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 85.01 points or 0.14% to 60,242.73. The Nifty 50 index added 41.45 points or 0.23% to 17,763.75.

In the broader market, the S&P BSE Mid-Cap index gained 0.41% while the S&P BSE Small-Cap index rose 0.59%.

The market breadth was strong. On the BSE, 2,077 shares rose and 1,181 shares fell. A total of 112 shares were unchanged.

Economy:

The International Monetary Fund (IMF) has cut its GDP growth forecast for India for the financial year 2023-24 by 20 basis points to 5.9%.

Chief economist of IMF Pierre-Olivier Gourinchas said while the global economy's gradual recovery is on track, the recent banking instability has highlighted the fragilities in the rebound story.

The IMF has projected that global growth will bottom out at 2.8% in 2023 before rising modestly to 3% next year and has said policymakers need a steady hand and clear communication to tide over this period of instability.

COVID-19 Update:

India recorded 7,830 new coronavirus infections, while the active cases increased to 40,215, according to the Union Health Ministry data updated on Tuesday. Active cases in the country stood at 0.09% while recovery rate was currently at 98.72%. 4,692 recoveries were registered in the last 24 hours taking the total recoveries to 4,42,04,771. Under Nationwide Vaccination Drive, 220.66 crore total vaccine doses (95.21 crore second dose and 22.87 crore precaution dose) have been administered so far.

Buzzing Index:

The Nifty Healthcare index gained 0.88% to 12,852.10, continuing its rising streak to fourth day. The index advanced 3.27% in four trading sessions.

Sona BLW Precision Forgings Ltd (up 3.56%), Samvardhana Motherson International Ltd (up 1.76%), Balkrishna Industries Ltd (up 1.49%), Bajaj Auto Ltd (up 1.42%), Bharat Forge Ltd (up 1.41%), Tata Motors Ltd (up 1.34%), Tube Investments of India Ltd (up 1.06%), Eicher Motors Ltd (up 1.01%), MRF Ltd (up 0.97%) and Bosch Ltd (up 0.97%) advanced.

Stocks in Spotlight:

Time Technoplast rallied 2.92% after the company received prestigious order from Indraprastha Gas for supply of CNG Cascades (type-IV composite cylinders) for value of Rs 54 crore.

Puravankara jumped 3.79% after the company's sale value increased by 21% to Rs 1,007 crore in Q4 FY23 from Rs 831 crore in Q4 FY22. Volumes rose by 2% YoY to 1.21 million square feet (msft) while realization improved by 19% YoY to Rs 8,321 per square feet in Q4 FY23.

Spandana Sphoorty Financial rose 1.03%. The microfinance lender on Tuesday announced that its board will meet on Friday, 14 April 2023 to consider raising of funds through issuance of non-convertible debentures (NCDs), on a private placement basis.

Global Markets:

Asian stocks were trading mostly higher on Wednesday as investors await key U.S. inflation data that will determine the Federal Reserve's path forward in its tightening cycle.

US stocks closed mixed on Tuesday ahead of the inflation data. The US consumer price index (CPI) for March will be released on Wednesday followed by wholesale prices on Thursday.