Opening bell: Sensex up 200 points at over 60,000, Nifty above 17,600
Indian shares opened higher on Tuesday, aided by lenders on strong quarterly updates, ahead of corporate earnings for the March quarter.
The Nifty 50 rose 0.45% at 17,705.55, as of 9:35 a.m. IST, while the S&P BSE Sensex rose 0.44% to 60,107.25.
Barring information technology (IT), all the other 12 major sectoral indexes advanced.
The public sector bank index rose 2.5%, aided by a 4% uptick in shares of state-owned lender Bank of Baroda Ltd, while financials gained 0.7%.
Several global brokerages reiterated “buy” on Bank of Baroda, after the lender saw a 19% YoY rise in total advances for the March quarter.
Shares of Shilpa Medicare surged over 10% after the pharma firm received U.S. FDA approval for drug to treat adult patients with active psoriatic arthritis.
The Nifty has risen nearly 4% over the past six sessions. Corporate earnings, scheduled from Tuesday, will be the near-term trigger for markets, according to analysts.
Casino gaming firm Delta Corp Ltd will report its Q4 earnings on Tuesday, followed by top information technology firm Tata Consultancy Services Ltd on Wednesday.
J.P. Morgan recently said that TCS and Infosys Ltd have highest exposure to regional banks in the United States that are gripped under financial turmoil.
The two companies, and smaller rival LTIMindtree Ltd, might need to set aside provisions in the fourth quarter, according to J.P. Morgan.