BENGALURU: Indian shares rose on Wednesday as March-quarter corporate earnings trickled in, while caution ahead of key domestic and global macroeconomic data capped gains.
The Nifty 50 closed 0.51% higher at 17,812.40, while the S&P BSE Sensex gained 0.39% to 60,392.77. The Nifty 50 extended gains for the eighth session in a row, its longest winning streak in more than four months.
Ten of the 13 major sectoral indexes advanced, with high weightage financials rising 0.6%.
Information technology (IT) stocks rose over 1% ahead of top IT firm Tata Consultancy Services Ltd’s quarterly results.
Analysts expect TCS to report double-digit growth in net profit and revenue. But the outlook for fiscal 2024 will be keenly watched, given the fears of a global growth slowdown and lingering concerns about the banking sector.
“Expect equity markets to stay muted in the near-term despite the surprise pause by the Reserve Bank of India (RBI) and market valuations becoming more reasonable,” analysts at Kotak Institutional Equities wrote in a note.
Comments
Comments are closed.