Indian shares opened higher on Tuesday after ending at seven-month lows in the previous session, although the gains were capped by a decline in IT firm HCLTech after it reported a smaller-than-expected quarterly revenue.
The Nifty 50 rose 0.48% to 23,196.2 points as of 9:15 a.m. IST, while the BSE Sensex added 0.42% to 76,671.93.
Both benchmarks lost about 1.4% each in the previous session and closed at seven-month lows after an unexpectedly strong US jobs report signaled fewer rate cuts amid persistent worries over slowing domestic earnings and yet another slump in the Indian rupee.
Barring IT, which fell 0.7%, the other 12 major sectors advanced at the open.
The broader, more domestically focussed small and midcaps rose about 0.5% each.
They had dropped about 4% each in the previous session.
Indian shares slump on worries over corporate earnings, fewer Fed cuts
Among individual stocks, HCLTech fell 5.3%, weighing on the IT index, after it narrowed its full-year revenue growth forecast and posted a smaller-than-expected December-quarter revenue due tounderperformance in its software business.
Meanwhile, domestic retail inflation eased to a four-month low in December, data released after market hours on Monday showed, boosting hopes of the Reserve Bank of India cutting interest rates in February.
Source: Brecorder
