India Stocks: Auto, financials lead gains in Indian shares

Can Fin Homes

30/04/2024 06:52

(Updates at 10:30 a.m. IST)
    By Manvi Pant
       BENGALURU, April 30 (Reuters) - Indian shares edged up
on Tuesday, helped by gains in auto and heavyweight financial
stocks, while strong corporate earnings also aided sentiment. 
    The NSE Nifty 50  .NSEI  and the S&P BSE Sensex  .BSESN 
were up about 0.4% each at 22,733.35 and 74,948.12, as of 10:30
a.m. IST.
    Nifty auto  .NIFTYAUTO  rose 2.03% to lead sectoral gains in
the blue-chips, while heavyweight financials  .NIFTYFIN 
advanced 0.6%.
    Mahindra and Mahindra  MAHM.NS  rose 4% to a record high
after launching its compact sports utility vehicle, which
analysts said was at a competitive price.
        Bajaj Auto  BAJA.NS , Hero MotoCorp  HROM.NS  and Maruti
Suzuki  MRTI.NS  jumped between 1.3% and 2.6%.
  
        Markets are anticipating strong monthly sales data from
auto industry majors on Wednesday, said Anita Gandhi, founder
and head of institution at Arihant Capital Markets. 
  
    The Nifty small-  .NIFSMCP100  and mid-cap indexes
 .NIFMDCP100  gained 0.2% and 0.5%, respectively. 
    Gains in the domestically-focussed small-caps and the Nifty
100  .NIFTY100 , which is up 0.5% and includes some large-cap
stocks, were driven by robust earnings. Retailer Trent
 TREN.NS , which was up 6.5%, hit record high, while housing
finance firm Can Fin Homes  CNFH.NS , advanced 4.3%. 
    Market sentiment looks positive, with most companies
reporting strong quarterly profit numbers, Gandhi added. 
    Among other individual stocks, Jana Small Finance Bank
 JANA.NS  jumped as much as 15.4% after it reported a four-fold
surge in quarterly profit, while Poonawalla Fincorp  POON.NS 
gained 4% to become one of the top gainers on the Nifty mid-cap
after a quarterly rise in profit. 
        All eyes are now on the U.S. Federal Reserve's monetary
policy decision, which due on Wednesday. 
  

 (Reporting by Manvi Pant in Bengaluru; Editing by Rashmi Aich,
Mrigank Dhaniwala and Sonia Cheema)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))