India's consumer inflation likely eased in March to 5.80%, dipping below the RBI's upper tolerance limit for the first time in 2023, according to a Reuters poll of economists. The data is due on Wednesday. (Reporting by Bharath Rajeswaran in Bengaluru; Editing by Varun H K)
(Updates levels, adds analysts' comments)
By Bharath Rajeswaran
BENGALURU, April 11 (Reuters) - Indian shares advanced
on Tuesday, aided by financials stocks on strong quarterly
updates, ahead of corporate earnings for the March quarter.
The Nifty 50 rose 0.70% at 17,747.50, as of 10:14
a.m. IST, while the S&P BSE Sensex rose 0.68% to
60,254.39.
All the 13 major sectoral indexes advanced, with financials
leading the gains.
The bank index rose over 1%, and the public
sector bank index added 2%, aided by a 4% uptick in
shares of state-owned lender Bank of Baroda Ltd .
Financials gained nearly 1%.
Several global brokerages reiterated "buy" on Bank of
Baroda, after the lender saw a 19% YoY rise in total advances
for the March quarter.
Shares of Shilpa Medicare surged over 10% after
the pharma firm received U.S. FDA approval for drug to treat
adult patients with active psoriatic arthritis.
The Nifty has risen nearly 4% over the past six sessions.
Corporate earnings, scheduled from Tuesday, will be the
near-term trigger for markets, according to analysts.
Casino gaming firm Delta Corp Ltd will report its
Q4 earnings on Tuesday, followed by top information technology
firm Tata Consultancy Services Ltd on Wednesday.
J.P. Morgan recently said that TCS and Infosys Ltd have highest exposure to regional banks in the United States
that are gripped under financial turmoil.
The two companies, and smaller rival LTIMindtree Ltd , might need to set aside provisions in the fourth
quarter, according to J.P. Morgan.
"The undertone of the market remains positive on expectation
of healthy Q4 earnings, ahead of key macro data" said Siddhatha
Khemka, head - retail research at Motilal Oswal Financial
Services.
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