Indian markets bounce back with 1% rise on Maruti Suzuki's earnings, oil price recovery
India's stock markets rose more than 1% on Tuesday, in their first gain in three sessions, as earnings lifted a few firms such as Maruti Suzuki India Ltd, while the sentiment was also supported by gains in European shares and a mild recovery in crude prices.
Oil prices, seen as a barometer of broader market sentiment, recouped some of its losses, while European shares advanced after companies reported encouraging results, including oil major BP .
The broader NSE Nifty rose 1.36% to 7,962.35 by 0807 GMT, while the BSE Sensex gained 1.18% to 25,982.88.
Underlying sentiment back home remained supportive after a decent corporate earnings results.
India`s biggest automaker Maruti Suzuki rose 4% after their fall in earnings was not as poor as feared.
Broader gains were constrained by caution ahead of central bank policy meetings in the United States and Japan this week.
"Results in general have been supportive of the market so that has established a good fundamental base for the markets," said Sandip Sabharwal, fund manager, asksandipsabharwal.com.
"There is a bit of nervousness ahead of the policy meetings, but overall global cues have remain supportive as indicated by the fund flows," he added.
Miner Hindalco Industries jumped 4.52% after Australian firm Metal X said it conditionally intends to raise offer for Hindalco`s subsidiary Aditya Birla Minerals .
Among the losers, tobacco company Godfrey Phillips India Ltd declined 15% on report that India is examining a proposal to fully ban FDI in the tobacco sector.