Sensex, Nifty recover broadly on global cues; financials lead gains

By: | Published: March 28, 2017 12:59 PM

Indian shares gained on Tuesday as losses in the previous session were seen as overdone, with sentiment also improving as Asian markets

 

The broader NSE index was up 0.61 percent at 9,102.20 by 0638 GMT, while the benchmark BSE index was 0.58 percent higher at 29,406.14.

Indian shares gained on Tuesday as losses in the previous session were seen as overdone, with sentiment also improving as Asian markets recovered after some of the anxiety about U.S. President Donald Trump’s ability to push his agenda subsided. But broader gains are likely to be capped in the near term as India approaches the earnings season starting next month, analysts said.

Global factors will also continue to play a role as many of the recent gains have been predicated on Trump implementing massive stimulus measures to boost the U.S. economy. “Markets are waiting for the results season. Structurally, we have got most of the reforms getting in place and things are positive on the political front. Only concern is higher valuation levels. That makes the upcoming earnings all the more crucial,” said Siddharth Sedani, vice president, equity advisory at Anand Rathi.

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The broader NSE index was up 0.61 percent at 9,102.20 by 0638 GMT, while the benchmark BSE index was 0.58 percent higher at 29,406.14. Among gainers, IT and drug makers recovered from losses in the previous two sessions with HCL Technologies up 1.7 percent and Aurobindo Pharma Ltd climbing 1.6 percent, leading gains in these sectors respectively.

Telecom tower company Bharti Infratel surged as much as 3.63 percent after global private equity investor KKR & Co LP and Canada Pension Plan Investment Board bought a 10.3 percent stake in the company for more than 61.9 billion rupees. Meanwhile, Dishman Pharma soared as much as 20 percent to an all-time high after company’s partner Tesaro Inc got the U.S. Food and Drug Administration’s nod for an ovarian cancer drug.

(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Sunil Nair)

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