By Bharath Rajeswaran
BENGALURU (Reuters) -Indian shares rose on Monday, tracking a rebound in Asian peers, as IT major Wipro rose post earnings and falling crude prices helped oil marketing companies, but a fall in top private lender HDFC Bank capped gains.
The NSE Nifty 50 was up 0.40% at 22,236.05 as of 10:37 a.m. IST, while the S&P BSE Sensex gained 0.30% to 73,308.85.
Both the benchmarks lost about 1.6% last week, as worries over Middle East conflict and a delay in U.S. rate cuts weighed.
“The near-term sentiment remains cautious. Higher-for-longer U.S. rates and geopolitical tensions in the Middle East will continue to have a bearing on all asset classes,” Abhijit Bhave, managing director and chief executive at Equirus Wealth said.
“Investors will closely monitor how these factors play out and their potential impact on India’s economic growth and corporate earnings.”
All 13 major sectors logged gains.
Wipro gained 2.7% after the software-services provider reported larger-than-expected revenue in the March quarter.
State-run oil marketing companies Bharat Petroleum Corporation, Hindustan Petroleum Corporation and Indian Oil Corporation gained between 3% and 4.5%, helped by easing crude oil prices.
Brent crude prices eased below $87 per barrel after rising above $91 per barrel last week. Lower crude prices help importers of the commodity like India and its oil marketing companies. [O/R]
Pharma stocks added 0.9%, led by a 3% jump in Lupin, which received the U.S. drug regulator’s nod for a tablet to treat overactive bladder.
Asian shares rebounded on Monday, gaining 0.8%, after dropping slipping 3.7% last week.
HDFC Bank, the heaviest Nifty 50 stock, gained 1.7% at the open but reversed gains to trade 1% lower. The lender reporteda smaller-than-expected March quarter profit due to higher provisions.
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Eileen Soreng, Sonia Cheema and Mrigank Dhaniwala)
