BENGALURU (Reuters) -Indian shares were marginally higher on Friday as investors bought into the dip after losses in the past few sessions, though a weakness in heavyweight financials kept a lid on gains.
The NSE Nifty 50 rose 0.47% to 24,522.3 as of 9:41 a.m. IST, while the S&P BSE Sensex added 0.4% to 80,358.63.
The benchmarks had logged losses for the last five sessions, weighed by weaker-than-expected results from Reliance Industries, Wipro, Bajaj Finance, Axis Bank and Nestle.
The union budget on Tuesday, in which tax hikes on capital gains in equity investments and derivatives trading were announced, continued to be a dampener, analysts said.
“The buy-on-dips strategy which has played out well in this rally continues to hold good,” said VK Vijayakumar, chief investment strategist at Geojit Financial Services.
Ten of the 13 major sectors advanced. Metals gained 1.4% and was the top sectoral gainer by percentage. Thirteen of the 15 constituents rose.
The metal index had shed 1.3% in the previous session, amid drop in global metal prices on demand concerns in top consumer China.
Vedanta, which received an upgrade from S&P on improving capital structure and liquidity, rose 2.3%.
Cyient shed 8% after posting a drop in June-quarter profit on delays in project execution.
Tech Mahindra lost 2% as analysts flagged expensive valuations as a cause for concern.
($1 = 83.7330 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sherry Jacob-Phillips and Nivedita Bhattacharjee)
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