Indian shares rose for the third consecutive session on Tuesday on positive global cues, amid the corporate earnings season bringing some cheer. The benchmark BSE index closed up 0.85 percent at 35,162.48, while the broader NSE index ended 0.69 percent higher at 10,584.75.
Both indexes closed at highest levels since Oct 4. Infosys Ltd shares ended down marginally ahead of the company's quarterly earnings report.
Indian markets are on track for their third consecutive session of gains after a global rout on Thursday had put the NSE index on to its worst start to the October quarter in a decade. "Selling pressure in the market has come down... Results so far are on expected lines. Market is on the recovery path, nothing to read beyond that," said Deven Choksey, founder, KR Choksey Investment Managers.
Infosys shares rose over 1 percent amid anticipation of the company posting strong results for the September quarter. Bigger rival Tata Consultancy Services Ltd set the tone for the season last week, but analysts remained concerned over its margins. Shares of South Indian Bank and Zee Media Corp also rose over 16 percent after both companies posted higher profit on Monday. Cable TV and service providers Hathway Cable & Datacom and DEN Networks Ltd gained about 8 percent after a media report said that Reliance Industries Ltd could buy controlling stakes in the two companies to boost its high-speed broadband network.
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