Sensex, Nifty Rise on Strong Corporate Profits, Global Indices

The benchmarks Sensex and Nifty started Tuesday’s trading session on a positive note due to strong company results and favorable global indices.

Impressive first quarter results published by some companies and positive indices globally have helped stock markets gain momentum.

Indian stocks rose early in Tuesday as strong quarterly earnings and overnight gains in US stocks helped domestic benchmarks consolidate.

At 9:40 a.m., the blue chip NSE Nifty 50 was up 0.24% to 15,863.05 and the benchmark S&P BSE Sensex was up 0.18% to 52,948.98.

Inox Leisure Ltd shares jumped 13% after a report Amazon India was looking to buy a stake in the movie chain.

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Shares of Tata Motors rose 0.56% after the Indian auto major saw a 108% jump in first-quarter revenue and cut losses as the pandemic fueled demand for personal vehicles.

Axis Bank shares fell 0.45%. The private sector lender’s consolidated net income for the June quarter more than doubled, although the quality of its assets deteriorated.

Shares of Biocon Ltd gained up to 1.4% after the unit of the company Biocon Biologics partnered with Adagio Therapeutics to advance a COVID-19 antibody.

Equitas Holdings jumped 8% after its board of directors and shareholders approved the merger of the Equitas Small Finance Bank unit with the company.

The initial public offering of 15.14 billion rupees ($ 203.65 million) from active pharmaceutical ingredient maker Glenmark Life Sciences will open for subscription on Tuesday.

Investors are also considering quarterly results from Dr Reddy’s Laboratories, IndusInd Bank, InterGlobe Aviation and Canara Bank.

Asian stock markets rose cautiously, having hit year-long lows the day before, as traders monitor large U.S. corporate earnings and the Federal Reserve’s policy meeting this week.

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