Indian shares opened higher 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 0.17% at 18,296.10 as of 9:32 a.m. IST, while the S&P BSE Sensex rose 0.18%. Ten of the the 13 major sectoral indexes logged gains with high weightage financials adding 0.3%.
Among individual stocks, shares of Kansai Nerolac Paints jumped over 8% after reporting a rise in March quarter profit. Mahanagar Gas Ltd added over 6% after posting an upbeat profit after tax in the March quarter. Indian shares logged their best session in a little over a month on Monday. The benchmark Nifty 50 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.
($1 = 81.7800 Indian rupees) (Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sonia Cheema and Dhanya Ann Thoppil)
