Bengaluru: Indian shares gained on Wednesday led by broad-based sectoral gains while investors await June-quarter earnings of top companies, due later this week.
smelly 50 index rose 0.38% to 19,824.25, while the S&P BSE Sensex It rose 0.40% to 67,065.50 by 9:53 am Indian time. Both the benchmarks hit new all-time highs for the fourth consecutive session.
Media stocks advanced over 1.5%, leading 12 of the 13 key sectoral indices, after TV18 Broadcast and Network18 Media & Investments rose over 10% and 5%, respectively, after the results.
High-weightage information technology (IT) stocks advanced over 0.5% for the fifth session in a row. IT stocks gained on hopes that the US Federal Reserve would end its monetary policy tightening cycle after data released last week indicated easing inflation.
IT companies earn a major portion of their revenue from the US and Europe.
“Given the positive macroeconomic factors and good earnings so far, the market is expected to continue with a gradual uptrend,” he added. Siddhartha KhemkaHead of Retail Research at Motilal Oswal Financial Services.
“Investors should use ‘buy-on-dips’ strategy at record highs.”
Among individual stocks, NTPC rose over 4% and topped the Nifty 50 after brokerage Goldman Sachs initiated coverage of the stock with a “buy” rating and identified it as a top pick in the power sector.
IndusInd Bank rose as much as 3.82% after it beat quarterly profit outlook on decline in loan growth and provisions.
Several Nifty 50 constituents including Hindustan Unilever, Infosys, UltraTech Cement, Ashok Leyland, Reliance Industries Kotak Mahindra Bank and ICICI Bank are going to declare their results later this week.
Gains in Indian shares on Wednesday contrasted with weakness in Asian peers on growth concerns over China.
smelly 50 index rose 0.38% to 19,824.25, while the S&P BSE Sensex It rose 0.40% to 67,065.50 by 9:53 am Indian time. Both the benchmarks hit new all-time highs for the fourth consecutive session.
Media stocks advanced over 1.5%, leading 12 of the 13 key sectoral indices, after TV18 Broadcast and Network18 Media & Investments rose over 10% and 5%, respectively, after the results.
High-weightage information technology (IT) stocks advanced over 0.5% for the fifth session in a row. IT stocks gained on hopes that the US Federal Reserve would end its monetary policy tightening cycle after data released last week indicated easing inflation.
IT companies earn a major portion of their revenue from the US and Europe.
“Given the positive macroeconomic factors and good earnings so far, the market is expected to continue with a gradual uptrend,” he added. Siddhartha KhemkaHead of Retail Research at Motilal Oswal Financial Services.
“Investors should use ‘buy-on-dips’ strategy at record highs.”
Among individual stocks, NTPC rose over 4% and topped the Nifty 50 after brokerage Goldman Sachs initiated coverage of the stock with a “buy” rating and identified it as a top pick in the power sector.
IndusInd Bank rose as much as 3.82% after it beat quarterly profit outlook on decline in loan growth and provisions.
Several Nifty 50 constituents including Hindustan Unilever, Infosys, UltraTech Cement, Ashok Leyland, Reliance Industries Kotak Mahindra Bank and ICICI Bank are going to declare their results later this week.
Gains in Indian shares on Wednesday contrasted with weakness in Asian peers on growth concerns over China.