Indian shares rise slightly; Reliance, Hindalco gain
- Auto stocks - up nearly 12% in February - fell 0.36% and were the top decliners among 14 sectoral indexes. Eicher Motors dropped 4% after reporting December-quarter earnings on Wednesday.
BENGALURU: Indian shares rose slightly and hovered around record highs on Thursday, powered by Reliance Industries and Hindalco, while investors sold off recent winners including automobile firms.
India's main stock indexes have gained 11% this month, thanks to stronger-than-expected corporate earnings and a high-spending federal budget, taking benchmarks to multiple record highs.
The NSE Nifty 50 index was up 0.25% at 15,144.90 by 0430 GMT, while the S&P BSE Sensex was up 0.26% at 51,442.70.
Nifty 50 component Hindalco Industries jumped 4% after the aluminium and copper producer reported double-digit increases in quarterly profit and revenue, pushing the Nifty metals index 0.83% higher.
Thirty-eight Nifty 50 companies that have reported December-quarter results so far have, on average, beaten analysts' expectations by around 3.5%, according to Refinitiv data.
"The impressive (December-quarter) corporate results indicate a robust recovery in the economy and corporate sector," said V.K. Vijayakumar, chief investment strategist at Geojit Financial Services. "High valuations, however, remain a concern."
Oil-to-telecoms conglomerate Reliance was the top boost to the Nifty 50 with a gain of 2%.
Auto stocks - up nearly 12% in February - fell 0.36% and were the top decliners among 14 sectoral indexes. Eicher Motors dropped 4% after reporting December-quarter earnings on Wednesday.
Magma Fincorp jumped 10% after a firm backed by billionaire Adar Poonawalla said it would buy a majority stake in the shadow banking company. The stock had risen 45% in the previous three sessions and is now up 107% just in February.
Other Asian stocks were also largely unchanged on Thursday.
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