Indian shares gained in line with global markets on Monday, though caution crept in, as market awaits March-quarter earnings for companies, beginning with Infosys on Friday. The broader NSE index closed 1.54 percent higher at 7,671.40, while the benchmark BSE index rose 1.36 percent to 25,008.53. Analysts said March-quarter results were likely to be tepid and that no significant moves could be expected from the government until the budget session resumes.
Asian stocks edged up on Monday as Chinese inflation data fanned optimism that Beijing would continue its loose monetary policies. "This week is a week of consolidation as it's a truncated week and traders won't carry over positions into a long weekend," Said Arun Kejriwal, director at Kris Research. "Global cues and earnings will be the key triggers for markets going ahead."
Stocks have shed 2.1 percent so far this month after rising 11 percent in March, following a global rally on expectations the US Federal Reserve will continue its rate-tightening spree, albeit at a slower pace. Indian stock markets will remain closed on Thursday and Friday for public holidays. Bharti Airtel gained 4 percent after the company said on Friday it had agreed to pay Aircel $526 million for radio frequencies in eight service areas, to make its fourth-generation mobile broadband services available across India. Among losers, Monsanto India fell 3 percent after the country's farm minister said India would continue to regulate seed prices to benefit its farmers.
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