The NSE Nifty 50 index was up 0.4% at 15,869, while the S&P BSE Sensex was up 0.56% at 53,433.16, 0348 GMT.
Crude oil prices tumbled 9% on Tuesday, hit by fears of demand destruction, which could lower inflation in India, the world’s third-largest importer. [O/R]
The Nifty Financial Index rose 0.7%, while Bajaj Finance gained 1.7% after posting strong data for the June quarter.
Shares of national explorers Oil & Natural Gas Corp fell 4.2% and Oil India 4.4%.
Asian equities slid and the dollar hit its highest level in two decades against the euro on growing fears that the continent is leading the world into recession. [MKTS/GLOB]