Stocks Trade Higher On IT Gains; Titan Surge After Strong Quarterly Update
Indian equities rose on Wednesday, supported by gains in IT stocks ahead of key earnings and a rally in Titan after the jeweller posted robust September-quarter sales growth.The Nifty 50 climbed 0.23 per cent to 25,164.85, while the BSE Sensex advanced 0.29 per cent to 82,156.91 in the morning session.
Six of the 16 major sectors traded higher, though broader small- and mid-cap indices were largely flat.
The IT index gained 1.7 per cent, led by Tata Consultancy Services (TCS), which rose 2.1 per cent ahead of its quarterly earnings due on Thursday.
Titan jumped 4 per cent after reporting an 18 per cent rise in domestic sales for the September quarter. Brokerage Nomura said the results were “much better than estimated,” noting the strong performance despite a high base and elevated gold prices.
Meanwhile, financials and banks eased 0.1 per cent and 0.2 per cent, respectively, after six straight sessions of gains, following recent RBI measures to boost bank lending and upbeat pre-earnings updates from lenders.
Among individual stocks, SBI Cards rose 2 per cent after Motilal Oswal said asset quality and margins were likely to improve on stronger economic activity and consumption supported by GST cuts.
Elsewhere, Salzer Electronics surged 13 per cent after securing a patent for a compact high-voltage safety device, while Saatvik Green Energy gained 2.5 per cent after winning a Rs 4.88 billion solar module order.
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