Markets

Sensex, Nifty Modestly Higher On Earnings

(RTTNews) - Indian shares were slightly higher on Wednesday as upbeat earnings results from Tata Motors and Bharti Airtel helped investors shrug off weak global cues.

The benchmark S&P BSE Sensex edged up 60 points, or 0.15 percent, to 40,581 in early trade, while the broader NSE Nifty index was up 22 points, or 0.2 percent, at 11,911.

Tata Motors rallied 2.6 percent. The automaker's Q2 loss widened from last year, but still beat analyst estimates. The company expects sales and production to improve in the second half of the current fiscal.

Bharti Airtel jumped as much as 7.5 percent after the telecom major posted its biggest-ever quarterly consolidated revenue on increased data consumption by those stuck at home during the pandemic.

Aditya Birla Fashion and Retail tumbled 3 percent. Traders' body CAIT has raised objections over Flipkart Group's investment into the company.

SBI Life Insurance was little changed after it reported a new business premium growth of 27 percent for the September quarter.

ICICI Prudential Life Insurance also traded flat despite reporting tepid growth metrics for the September quarter.

JM Financial rose half a percent after its quarterly profit rose 7.3 percent from last year.

TV18 Broadcast climbed 3.5 percent after reporting over two-fold rise in quarterly net profit.

Titan Company was losing 0.7 percent ahead of its earnings release. ICICI Bank was down about half a percent. The private sector banks said the U.S. Securities and Exchange Commission (SEC) has concluded a probe into the bank's bad-loan provisioning exercise and decided not to take any enforcement action against it.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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