off-the-wire

INDIA STOCKS-Indian shares open higher ahead of key earnings

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Adds opening levels) BENGALURU, April 20 (Reuters) - Indian shares opened higher on Thursday after logging losses in the last three sessions, but investors remain cautious as quarterly earnings trickle in amid weak global cues. The Nifty 50 was up 0.31% to 17,672.95, as of 9:44 a.m. IST, while the S&P BSE Sensex gained 0.38%. Nine of the 13 sectoral indexes advanced, with high-weightage financials and information technology (IT) stocks rising 0.3% each, respectively.


HCLTech Ltd is scheduled to report its earnings later in the day, while Reliance Industries Ltd , India's biggest firm by market capitalisation, will report fourth-quarter results on Friday. The benchmark has lost over 1% so far this week as weak results from India's top two information technology (IT) companies, Tata Consultancy Services Ltd and Infosys Ltd , dampened sentiment. Since TCS' earnings last week, the IT index has lost over 7%. Meanwhile, global equities remained subdued on rising odds of the U.S. Federal Reserve delivering a 25 basis points rate hike at its upcoming meeting on May 3, and as investors digest latest earnings reports. Among individual stocks, brokerage firm Emkay Global Financial Services Ltd leaped more than 18% after receiving in-principle approval from the market regulator to sponsor a mutual fund.


Enterprise technology solutions provider Mastek Ltd jumped 8% after logging sequential growth in its profit and revenue for the March quarter.

($1 = 82.2400 Indian rupees) (Reporting by Bharath Rajeswaran in Bengaluru; Editing by Varun H K and Sonia Cheema)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.