Bajaj Finance rose nearly 3% after reporting a bigger-than-expected rise in profit in the March quarter on strong loan demand. Bajaj Finance and its holding company Bajaj Finserv Ltd were among the top Nifty 50 gainers. The Nifty 50 has added over 1% this week, amid a slew of corporate earnings, shrugging off the weakness in global equities. Global equities were subdued after weak economic data in the U.S. heightened concerns of a potential recession in the near term. Asian markets were mostly lower. "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." Analysts cautioned investors to brace themselves for volatility and turbulence ahead of the expiry of April series derivatives on Thursday. Information technology firm L&T Technology Services Ltd rose over 4% after reporting a profit beat. The stock offset losses in the IT index ($1 = 81.7130 Indian rupees) (Reporting by Bharath Rajeswaran in Bengaluru; editing by Eileen Soreng and Janane Venkatraman)
(Adds opening levels)
BENGALURU, April 27 (Reuters) - Indian shares opened
marginally higher on Thursday, as strong earnings from major
firms offset rising recession fears in the United States, ahead
of the April series derivatives expiry.
The Nifty 50 was up 0.10% to 17,832.70 as of 9:38
a.m. IST, while the S&P BSE Sensex gained 0.14%.
Seven of the 13 major sectoral indexes declined, but high
weightage financials resisted selling pressure,
rising 0.2%, aided by non-banking financial company Bajaj
Finance Ltd .
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