(Updates closing levels)
By Bharath Rajeswaran
BENGALURU, April 27 (Reuters) - Indian shares rose on
Thursday, as strong earnings from major firms overshadowed weak
global cues on the April series derivatives expiry day.
The Nifty 50 closed 0.57% higher at 17,915.05, while
the S&P BSE Sensex gained 0.58% to 60,649.38.
The Nifty 50 has advanced for four sessions in a row, while
the Sensex has risen for six sessions in a row, with domestic
shares resisting the weakness in global equities.
Strong earnings from several index heavyweights including
Reliance Industries Ltd , ICICI Bank Ltd ,
Bajaj Finance Ltd contributed.
"Markets may go sideways after the sharp rise," said Om
Mehra, equity research analyst at Choice Broking. "The (Nifty
50) index is likely to witness consolidation; traders may find
buying opportunities if the 17,700 level is protected."
Twelve of the 13 major sectoral indexes advanced. FMCG closed marginally lower, dragged by an almost 2%
drop in Hindustan Unilever Ltd after core profit margin
contracted due to high costs.
The fall in FMCG comes after a four-day winning streak, when
the gauge rose to new record highs.
High weightage financials gained 0.5%, aided by
non-banking financial company Bajaj Finance Ltd .
Bajaj Finance rose 2.38% after reporting a
bigger-than-expected rise in fourth-quarter profit on strong
loan demand.
Information technology (IT) index rose over 1%
and was among the top sectoral gainers, led by an 8.24% uptick
in L&T Technology Services Ltd on reporting a profit
beat.
Among individual stocks, Network 18 Media & Investments Ltd jumped 6.73% after Viacom18 struck a deal with Warner
Bros Discovery Inc for its streaming platform JioCinema.
Viacom18 is a joint venture between the Network18 group, a
subsidiary of Reliance Industries Ltd and American
entertainment firm Paramount Global.
Indian Oil Corporation Ltd added 2.55% after Tesla
Power USA announced a strategic tie-up to service batteries at
Indian Oil petrol pumps across India.
($1 = 81.7130 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru; editing by
Eileen Soreng and Janane Venkatraman)
