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In the last one year, the benchmark index Nifty50 closed on a flat note while the S&P500 and the emerging market index declined by 11% and 14% respectively.

From the Sensex pack, ITC, M&M, Kotak Bank and Tech Mahindra were the top losers, falling about 0.5-1%. Maruti, UltraTech Cement, Bajaj Finserv, Tata Motors and HCL Tech also opened lower. On the other hand, L&T, Asian Paints, SBI, Power Grid, HDFC Bank and Tata Steel opened higher.

"India has is you have a very conservative central bank and whilst it is quite difficult for a lot all the Indian banks to operate under that environment, they are used to it. From an investor perspective, bank stocks are extremely conservative and that sort of helps when one is trying to look at banks and understand their balance sheets and all the other risks that come with investing in the financial sector."

“The consortium has spent considerable time and expense to revive the airline,” said the person who requested not to be identified. “Though it (paying former employees’ dues) was not part of the resolution plan, we will stay committed to revive the airline.”

The report raised expectations that the Fed might go back to an aggressive monetary policy stance, but Powell did not lean further into that argument in his speech on Tuesday. Meanwhile, the euro was up 0.04% at $1.0713, off the one-month low of $1.067 it touched on Tuesday.

Across the board, there are signs of pressure easing following Hindenburg’s allegations that the group had inflated revenue and stock prices, which Adani has repeatedly denied. Adani Enterprises Ltd., the flagship company, finished up nearly 15% on Tuesday, leading gains as other related stocks also rose.

They have also been concerned about mixed reports from U.S. companies this earnings season. With results in from more than half of the S&P 500 companies, earnings still are expected to have declined year-over-year in the fourth quarter of 2022, according to IBES data from Refinitiv.

The decision on the rate hike by the Monetary Policy Committee of the central bank was taken on a 4:2 majority.

The Nifty Realty index closed 0.01 per cent up at 411.65.

"Being a full-service central bank with financial stability as part of its mandate, the Reserve Bank recognises that climate change can translate into climate-related financial risks for regulated entities (REs) which can have broader financial stability implications," Das said Wednesday.