Indian shares rose for a third consecutive session on Tuesday, led by gains in resources stocks, as Reliance Industries climbed for a second day after a significant gas discovery, while Coal India jumped after its March-quarter profit beats estimates.
Stronger European and Asian shares after signals of more monetary policy support from European Central Bank and Bank of Japan officials also helped domestic shares. However, trading could turn more volatile ahead of the expiry of May derivatives contracts on Thursday, with investors also watching January-March economic growth data due on Friday.
--- Reliance Industries surges
"Even as derivatives expiry may create volatility, GDP numbers are expected to bring in more confidence to the reversal of interest rate cycle in India," said G. Chokkalingam, chief investment officer at Centrum Wealth Management. The benchmark BSE index rose 0.65 percent, or 130.05 points, to end at 20,160.82, marking its highest close since May 20.
The broader NSE index rose 0.46 percent, or 28.10 points, to end at 6,111.25, closing above the psychologically important 6,100 level. Shares in Coal India Ltd rose 3.1 percent after its January-March earnings beat estimates and after the world's largest coal producer also announced it would raise prices.
Reliance Industries Ltd gained 1.8 percent, up for a second day after the conglomerate and its partners said on Friday they had made a significant gas discovery in the KG-D6 block. Havells India Ltd shares gained 3.3 percent after it said in a statement that its March-quarter profit rose 19.8 percent to 1.09 billion rupees.
CESC Ltd shares rose 2.1 percent after it reported March-quarter profit at 2.56 billion rupees compared to a consensus forecast of 1.93 billion rupees. However, among stocks that fell, Astrazeneca Pharma India Ltd fell 17 percent after setting the floor price for a share sale from promoters at 490 rupees, a 39 percent discount to Monday's closing price of 805 rupees. Sun Pharmaceutical Industries Ltd fell 1.7 percent ahead of its March-quarter earnings later in the day, while Cipla Ltd fell 1.3 percent a day ahead of its earnings.
Comments
Comments are closed.