India’s benchmark indexes inched higher on Wednesday, led by energy and information technology stocks, although worries over slowing earnings and caution ahead of key U.S. inflation data capped the gains.

The Nifty 50 rose 0.16% to 23,213.2, while the BSE Sensex added 0.29% to 76,724.08.

The smallcaps and midcaps rose about 0.5% each.

Global markets also held ground ahead of the U.S. inflation data, due after the Indian markets close, which could potentially shift the U.S. monetary policy outlook and, in turn, impact foreign flows into emerging markets such as India.

A recent batch of strong U.S. data had increased the odds of fewer U.S. rate cuts than expected earlier, which spurred a rally in the dollar and Treasury yields that weighed on markets globally.

The Nifty too was under pressure, sliding to a 7-month low on Monday, also the lowest point in its ongoing correction.

The modest rise in domestic benchmarks on the day is driven by a technical rebound and bargain-hunting after the recent sharp declines, said Prashanth Tapse, senior vice president of research at Mehta Equities.

Indian equity benchmarks end higher, led by financials, metals

Investors are also worried about moderating corporate earnings and overall economic growth, analysts said.

Reliance, the second-heaviest stock on the benchmarks, rose 1.1%, snapping a four-session losing streak and lifting the energy index 0.8%.

Adani Green rose 2.8%, the most on the energy index, after expanding its renewable generation capacity.

The energy index has gained about 3.7% in two sessions after sliding 7.3% in the previous four.

IT stocks rose 0.8% after losing 3.5% in two days due to HCLTech’s disappointing earnings and concerns over fewer rate cuts in the U.S., a key market for the sector.

HDFC Asset Management advanced 4.7% after the company reported a higher quarterly profit.

BSE, Asia’s oldest stock exchange, rose 6.2% after Nuvama gave it a “buy” rating.