By Manvi Pant
BENGALURU (Reuters) -Indian shares edged up on Wednesday, helped by gains in heavyweight financials and metals stocks, with investors focusing on earnings from key Nifty 50 constituents due this week.
The NSE Nifty 50 was up 0.4% at 22,460.05 while the S&P BSE Sensex rose 0.5% at 74,074.91 as of 10:32 a.m. IST.
Metal stocks appreciated 1.5% as global prices rebounded from a fall in the previous session. [MET/L]
Heavyweight banking and financials rose 0.6%, each, with HDFC Bank gaining nearly 1%, while Axis Bank rose 1% ahead of its results later in the day.
Company results will likely be the main trigger for the next two to three sessions, while metals are expected to do well on strong demand from China, said Samrat Dasgupta, CEO at Esquire Capital Investment Advisors.
The top Nifty 50 gainers included Hindalco, JSW Steel, Nestle India and Hero MotoCorp, which rose between 0.6% and 2.2%.
Tata Consumer fell 5% after its fourth-quarter revenue missed analysts’ estimates.
The volatility index’s sharp decline to 10.2 on Tuesday indicates low downside risk, said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Hindustan Unilever, LTIMindtree and Axis Bank are due to report later in the day, while Nestle India and Maruti Suzuki are due to report over the next two days.
(Reporting by Manvi Pant in Bengaluru; Editing by Rashmi Aich, Sonia Cheema and Savio D’Souza)
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