Indian shares ended slightly higher on Tuesday, paring early gains which were led by ICICI Bank on hopes of improvement in the lender's asset quality after it announced March-quarter results post market hours on Monday. The benchmark BSE index closed up 0.02 percent at 35,216.32.
The broader NSE index ended 0.02 percent higher at 10,717.8, holding above 10,700 level for a second straight session. ICICI Bank ended up 6.73 percent at 309.30 rupees, its highest close since Feb. 28. The bank's net profit almost halved to 10.20 billion rupees for the quarter ended March 31.
Analysts say the markets could see some correction before the outcome of elections in the southern state of Karnataka. "There could be some correction before the election results are known. I expect NSE to be range-bound between 10,500 - 10,800," said AK Prabhakar, head of research at IDBI Capital.
"However, the market is generally positive and there could be gains in oil marketing companies due to the possibility of fuel prices being hiked after the Karnataka elections." Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd were up 1.35 percent and 2.29 percent respectively.
Tata Steel Ltd extended Monday's gains, rising as much 1.3 percent. Macquarie sees domestic steel prices remaining on an uptrend with further hikes this month. Among the decliners, PNB Housing Finance Ltd fell 7.3 percent after private equity firm Carlyle Group LP's unit sold 8 million shares at a floor price which was a 6.9 percent discount to the stock's Monday close.
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