Stimulus Check – Indian shares edge higher as IT, auto stocks advance
BENGALURU, July 30 (Reuters) – Indian shares rose slightly on Friday, cutting losses for the week, as Tech Mahindra led IT stocks higher on strong quarterly earnings, while auto scrips including TVS Motor also advanced.
By 0411 GMT, the blue-chip NSE Nifty 50 index (.NSEI) rose 0.17% to 15,805.90 and the benchmark S&P BSE Sensex (.BSESN) was up 0.18% at 52,748. Both indexes rose about 0.4% in the previous session, buoyed by metal stocks hitting record highs.
Tech Mahindra (TEML.NS) jumped as much as 8.5% and was the top Nifty gainer, after it reported a nearly 43% growth in quarterly profit on Thursday. The overall Nifty IT index (.NIFTYIT) was up 1.43%.
TVS Motor Company’s (TVSM.NS) shares rose as much as 4.9% after the two-wheeler maker posted a quarterly profit compared to a year-ago loss. The Nifty auto index (.NIFTYAUTO) rose 0.90%.
Shares of LIC Housing Finance (LICH.NS) fell about 1.6% as the mortgage financier, hit by higher provisions for non-performing loans, reported an 81% fall in standalone net profit.
The Nifty metal index (.NIFTYMET) opened up 0.45% on Friday.
Key companies reporting quarterly results on Friday include Indian Oil Corporation (IOC.NS), Bandhan Bank ((BA)NH.NS), JSW Energy (JSWE.NS), Bharat Heavy Electricals (BHEL.NS), Marico (MRCO.NS) and Britannia Industries (BRIT.NS).
Asian shares slipped, with a gauge of regional equities set for its biggest monthly drop since the height of global pandemic lockdowns last March, while the dollar lagged near one-month lows on expectations of continued Fed stimulus.
Reporting by Vishwadha Chander in Bengaluru; Editing by Subhranshu Sahu
Our Standards: The Thomson Reuters Trust Principles.