A bird flies past a screen displaying the Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai, on February 1, 2023. REUTERS
Nov 12 (Reuters) – Indian shares opened higher on Tuesday, following three straight sessions of declines, led by gains in metal producer Hindalco (HALC.NS), after it beat quarterly profit estimates, with investors also awaiting inflation data due later in the day.
The NSE Nifty 50 (.NSEI), was 0.3% higher at 24,207 points as of 9:16 a.m. IST, while the BSE Sensex (.BSESN), had gained 0.3% to 79,700.
Twelve of the 13 major sectors advanced. The broader, more domestically focussed small- (.NIFSMCP100), and mid-caps (.NIFMDCP100), rose 0.2% and 0.4%, respectively.
“Traders are buying the dip caused by the last three sessions. Valuations have comparatively cooled down and the negative triggers that were being brought by September-quarter earnings are also largely behind,” said Aishvarya Dadheech, founder and chief executive of Fident Asset Management.
The Nifty has shed about 8% from its record high on Sept. 27, hurt by lacklustre corporate earnings and as foreign investors pulled out nearly $14 billion from domestic stocks.
On the day, aluminum producer Hindalco jumped 2%, among the most on the Nifty, after it beat second-quarter profit estimates due to higher prices.
On the flip side, Britannia (BRIT.NS), fell 2.5% after the biscuit maker missed second-quarter profit estimates on slowing urban demand.
India’s inflation data for October, due after markets close, is expected to show an increase to a 14-month high of 5.81%, as per a Reuters poll.
Reporting by Hritam Mukherjee in Bengaluru; Editing by Rashmi Aich and Savio D’Souza
