Indian shares rose on Tuesday after financials sparked a sharp rise in the previous session amid a rush of corporate earnings heading into key macroeconomic data.
The Nifty 50 was up 0.31% at 18,320.45 as of 10:01 a.m. IST, while the S&P BSE Sensex rose 0.31% to 61,950.23. Twelve of the 13 major sectoral indexes logged gains, with high-weightage financials adding 0.4%.
Among individual stocks, shares of Kansai Nerolac Paints jumped over 8% after
reporting a rise in March-quarter profit.
Natural gas distribution company Mahanagar Gas Ltd added over 6% after
posting an upbeat profit after tax in the March quarter.
Mankind Pharma Ltd surged 20% on its stock
market debut. Global brokerage firm Macquarie initiated coverage
with an "outperform" rating ahead of its listing, citing sales
outperformance and improved productivity as growth drivers.
Meanwhile, agri-chemicals maker UPL Ltd lost
as much as 2.68% on reporting a quarterly slide in profit
due to sharp uptick in costs.
Indian shares logged their best session in a little over a month on Monday. The benchmark has risen 5.21% so far this year. "The recent rally has been triggered by a reasonably stable results season, barring a few sectors like information technology and consumer durables as well as the return of foreign investors," said George Thomas, fund manager for equity at Quantum Asset Management Company.
Foreign institutional investors have bought Indian equities
in each of the last eight sessions, purchasing 138.66 billion
rupees over the period.
Wall Street equities rose marginally overnight on
caution ahead of consumer price data due on Wednesday.
Investors are awaiting the data, which comes on the heels of a robust U.S. April jobs report to assess the future rate trajectory of the Federal Reserve and the impact of policy tightening.
($1 = 81.7800 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sonia
Cheema and Dhanya Ann Thoppil)
