Indian shares finished higher for the fourth consecutive session, as risk appetite improved on hopes of a positive outcome from the US-China trade talks, while domestic investors remained optimistic about a strong results season. The benchmark BSE index closed the session 0.64 percent higher at 36,212.91, while the broader NSE index ended up 0.49 percent at 10,855.15.
Gains on NSE were driven by shares of ITC Ltd and Axis Bank, both gaining as much as 2.29 percent and 3.25 percent, respectively.
Shares of Indusind Bank Ltd closed 1.39 percent higher, after it kickstarted the results season with posting a 5 percent rise in third quarter profit. Yes Bank Ltd shares were down as much as 5.64 percent. The lender is scheduled to hold a board meeting this evening where it is expected to make final recommendations to the central bank for naming a new chief executive officer. "Markets are tracking global cues, there are expectations of better Q3 numbers and risk appetite has generally been better," said Anand James, chief market strategist at Geojit Financial Services.
"The global rally is helping sentiment, there is strength across sectors, we have not made big moves, but there is some sense of positivity." Gains on the NSE index were driven by IT stocks, with shares of Infosys Ltd rising as much as 2.95 percent, their highest since Dec. 17 after it said it will consider a share buyback and a special dividend on Friday.
"Any buyback or the kind of incentives has to be seen with business prospects the companies are seeing, it is not a major driver of the index but obviously has lent a positive bias to the market." James said. Infosys is set to report its December quarter results on Jan. 11. Shares of Indusind Bank Ltd were up as much as 1.35 percent ahead of quarterly results announcement.
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