BENGALURU: Indian shares opened higher on Thursday after logging losses in the last three sessions, but investors remain cautious as quarterly earnings trickle in amid weak global cues.
The Nifty 50 was up 0.31% to 17,672.95, as of 9:44 a.m. IST, while the S&P BSE Sensex gained 0.38%.
Nine of the 13 sectoral indexes advanced, with high-weightage financials and information technology (IT) stocks rising 0.3% each, respectively.
HCLTech Ltd is scheduled to report its earnings later in the day, while Reliance Industries Ltd, India’s biggest firm by market capitalisation, will report fourth-quarter results on Friday.
The benchmark has lost over 1% so far this week as weak results from India’s top two information technology (IT) companies, Tata Consultancy Services Ltd and Infosys Ltd, dampened sentiment.
Since TCS’ earnings last week, the IT index has lost over 7%.
Meanwhile, global equities remained subdued on rising odds of the US Federal Reserve delivering a 25 basis points rate hike at its upcoming meeting on May 3, and as investors digest latest earnings reports.
Indian shares drift lower in wake of weak IT earnings
Among individual stocks, brokerage firm Emkay Global Financial Services Ltd leaped more than 18% after receiving in-principle approval from the market regulator to sponsor a mutual fund.
Enterprise technology solutions provider Mastek Ltd jumped 8% after logging sequential growth in its profit and revenue for the March quarter.
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