Home ›› 26 Apr 2023 ›› Stock
Indian shares edged higher on Tuesday, boosted by strong fourth-quarter earnings from heavyweights Reliance Industries Ltd and ICICI Bank Ltd, as investors awaited a raft of quarterly earnings reports due later this week.
The Nifty 50 (.NSEI) closed 0.15% higher at 17,769.25, while the S&P BSE Sensex (.BSESN) gained 0.12%.
Nine of the 13 major sectoral indexes advanced with high weightage financials (.NIFTYFIN) and information technology (IT) (.NIFTYIT) closing little changed, reported Reuters.
The better-than-expected fourth-quarter results from Reliance (RELI.NS) and ICICI Bank (ICBK.NS) late last week offset the slide that IT stocks had triggered on weak earnings and outlook from major firms such as Tata Consultancy Services Ltd (TCS.NS) and Infosys Ltd (INFY.NS).
“Nifty is showing signs of an upside breakout of the small narrow range,” said Nagaraj Shetti, technical research analyst at HDFC Securities. “But a decisive upside breakout could only occur if Nifty surpasses the crucial 17,865 level.”
Analysts expect markets to remain range-bound for the next few sessions, with a positive bias as earnings begin to stream in.
