Indian shares get IT, Tata Steel boost ahead of more earnings, inflation data

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FILE PHOTO: Clouds are seen over the Bombay Stock Exchange (BSE) building in Mumbai, India May 25, 2016. Businesshala/Danish Siddiqui
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BENGALURU (Businesshala) – Indian stocks rebounded on Friday, helped by IT stocks and Tata Steel, while investors focused on the Nifty 50 company’s earnings and retail inflation reading for October, later in the day.

The blue chip NSE Nifty 50 index was up 0.60% at 17,981.50 and the benchmark S&P BSE Sensex was up 0.59% at 60,275.77 by 0348 GMT.

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The main index fell nearly 0.7% on Thursday on global concerns about inflation, triggered by the strongest progress in US consumer prices since November 1990.

However, Asian markets edged higher on Friday as US inflation reported shocks, with investors hoping the worst price hikes could be over soon. [MKTS/GLOB]

India’s October retail inflation report is due at 1200 GMT on Friday, with a Businesshala poll of 43 economists forecasting inflation to be near a six-month low.

In the Mumbai business, Tata Steel was up up to 3.1% after reporting a jump in quarterly profit.

The Nifty IT index rose 0.75%, and was on course to end two straight sessions of losses, as Tech Mahindra and Wipro added over 1%.

Traders are also tracking day’s earnings results from Hindalco Industries, Coal India, Grasim Industries, Hero MotoCorp and oil and gas explorer ONGC.

Reporting by Anuran Kumar Mitra in Bengaluru; Ramakrishnan M.

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