Indian shares ended slightly higher on uesday, driven by gains in Dr. Reddy's Laboratories Ltd and State Bank of India (SBI) following their quarterly results. The broader NSE index closed 0.19 percent higher at 10,536.70, while the benchmark BSE index edged up 0.1 percent to 34,651.24. Both the indexes snapped five straight sessions of decline.
SBI closed 3.9 percent higher and was the biggest boost on both the indexes. The Nifty PSU bank Index ended 3.3 percent higher. Dr. Reddy's rose 6.2 percent and was the top percentage gainer on both the indexes.
"What we are seeing is a bounce from oversold levels. What is not evident, if you look at the index, is the amount of carnage that has happened in the mid-caps, small-caps and even the large-caps," said Sunil Sharma, chief investment officer at Sanctum Wealth Management, adding that Monday's was a knee-jerk reaction to the Karnataka election news.
"Today is the realisation that it is not all bad from a market perspective. Also, corporate earnings are providing support to market," he added. Maruti Suzuki India Ltd gained 0.9 percent while Bajaj Auto Ltd, up 3 percent, was among the top percentage gainer on both the indexes.
Petronet LNG Ltd rose as much as 2.8 percent after posting an 11 percent rise in quarterly profit on Monday. Ahead of the results, shares in State Bank of India fell 0.9 percent, while Cipla slipped 0.3 percent.
Meanwhile, oil marketing companies such as Hindustan Petroleum Corp Ltd (HPCL) and Indian Oil Corp Ltd (IOC), which are also expected to report results later in the day, fell as much as 3.07 percent and 2.5 percent, respectively, as oil prices hovered near multi-year highs. Real estate developer DLF Ltd's shares fell to their lowest in over 6 months after posting a 38 percent plunge in fourth-quarter revenue from operations.
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