BENGALURU: In front of corporate reports for the March quarter, Indian shares opened higher on Tuesday, helped by lenders on positive quarterly reporting. At 9:35 a.m. IST, the Nifty 50 was up 0.45% at 17,705.55, while the S&P BSE Sensex was up 0.44% at 60,107.25.
With the exception of information technology (IT), all 12 of the key sectoral indicators increased.
Financials climbed 0.7%, while the public sector bank index increased 2.5%, helped by a 4% increase in shares of the state-owned lender Bank of Baroda Ltd.
After the lender’s 19% YoY increase in total advances for the March quarter, several international brokerages confirmed their “buy” recommendation for Bank of Baroda.
Once the pharmaceutical company gained US FDA approval for a medication to treat adult patients with active psoriatic arthritis, shares of Shilpa Medicare increased by nearly 10%.
In the last six trading sessions, the Nifty has increased by around 4%. Analysts predict that the near-term market catalyst will be corporate results, which are set to begin on Tuesday.
Tuesday will see the release of Q4 earnings from the casino gambling company Delta Corp Ltd, and Wednesday will see the release of Q4 profits from the leading IT company Tata Consultancy Services Ltd.
According to a recent statement by J.P. Morgan, TCS and Infosys Ltd. are most exposed to regional banks in the United States that are experiencing financial instability.
According to J.P. Morgan, the two businesses and their smaller rival LTIMindtree Ltd. may need to make provisions in the fourth quarter.