By Bharath Rajeswaran
BENGALURU (Reuters) -Indian shares advanced on Wednesday as investors parsed through a slate of major corporate earnings and looked ahead to U.S. inflation data.
The Nifty 50 closed 0.27% higher at 18,315.10, while the S&P BSE Sensex gained 0.29% to 61,940.20. The benchmarks swung between gains of 0.3% and losses of 0.3% during the session.
High-weightage financials led gains in the Nifty, reversing intraday losses to end 0.32% higher. Fast-moving consumer goods index gained over 0.5%.
“Investors have resorted to selective profit-taking after a sharp spike in the recent sessions,” said Shrikant Chouhan, head of equity research (retail) at Kotak Securities.
“The Nifty 50 has formed a small bearish candle in the daily charts, which indicates indecisiveness.”
Meanwhile, global equities declined ahead of U.S. consumer prices data and on disappointing company forecasts. Investors will focus on U.S. inflation data for potential cues into the Federal Reserve’s future rate-hike path. Asian markets were subdued. [MKTS/GLOB]
Among individual stocks, private lender IndusInd Bank Ltd rose nearly 3% and was the top Nifty 50 gainer after global brokerage UBS upgraded the stock to “buy” from “neutral”, citing stable operating metrics.
Shares of Shipping Corporation of India Ltd jumped over 5% after the company reported a rise in quarterly profit.
Agri-business firm Godrej Agrovet Ltd lost 3.57% after posting a 75% slide in net profit.
Shares of PTC India Ltd and PTC India Financial Services Ltd lost 0.16% and 4.50%, respectively, after Reuters reported that the market regulator issued legal notices to the firms, demanding explanations for alleged lapses in corporate governance.
On the earnings front, Larsen & Toubro Ltd, Dr Reddy’s Laboratories Ltd, Bosch Ltd, Godrej Consumer Products Ltd are among companies scheduled to report their quarterly results post market hours on Wednesday.
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sonia Cheema, Dhanya Ann Thoppil and Sohini Goswami)
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