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Sensex, Nifty rise on strong earnings, upbeat large caps

Reuters 

By Chris Thomas

(Reuters) - Indian shares on Tuesday, boosted by strong quarterly corporate earnings so far and gains in large-cap stocks such as and

The broader Nifty was up 0.24 percent at10,549.7 as of 0546 GMT, while the benchmark Sensex was 0.32 percent higher at 35,064.11.

Primarily, a good set of corporate fundamentals is driving the buying and the recovery today, said Deven Choksey, founder, Investment Managers.

Broader Asian shares were supported by gains on Wall Street although the trading sentiment was tempered ahead of the U.S. midterm elections, the first major electoral test of Donald Trump's big tax cuts and hostile trade policies since assuming office.

In India, Jaguar Land Rover-owner led the gains, rising as much as 5.4 percent to a four-week high after data from a UK auto trade association showed a surge in Jaguar registrations in October.

extended gains into a third session, climbing 2.7 percent to its highest since Oct. 3. The state-run on Monday posted a 50 percent jump in second-quarter profit, and brokerages raised their target price on the stock.

Reliance Industries's stock, up 1.7 percent, was the biggest boost to the index.

Heavyweight IT stocks contributed to the gains, with shares of rising as much as 2.4 percent.

Meanwhile, shares of country's largest lender State Bank of India, which climbed in the previous session after reporting solid quarterly results, were down 2.3 percent.

Axis Bank Ltd's stock fell as much as 3.3 percent.

Vedanta Ltd, which started trading ex-dividend in the session, was the top percentage loser on the index. The stock fell as much as 6.9 percent in its sharpest intraday drop in nearly four weeks.

Shares of Cipla Ltd, India's second-largest drugmaker by market capitalisation, stretched losses to the fourth straight session, falling as much as 5.3 percent to their lowest since June 5.

The company on Monday reported quarterly profit that missed estimates, and warned of headwinds in the second half of the year.

(Reporting by in Bengaluru; Editing by Rashmi Aich)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, November 06 2018. 12:07 IST
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