Sensex, Nifty Edge Higher In Cautious Trade; Auto And Financials Climb

Indian shares edged up slightly in cautious trade on Thursday as investors awaited earnings from IT majors as well as the latest readings on industrial output and retail inflation for directional cues.

Global cues remain mixed ahead of the release of U.S. inflation readings and earnings from large U.S. banks.

The benchmark S&P BSE Sensex was up 173 points, or 0.2 percent, at 71,824 in early trade while the broader NSE Nifty index was up 52 points, or 0.2 percent, at 21,670.

Rate-sensitive automakers and financials topped the gainers list, with Axis Bank, Bajaj Auto, Bajaj FinServ, IndusInd Bank and Hero MotoCorp rallying 1-3 percent.
Pharma major Dr Reddy’s Laboratories was down about 2 percent.

TCS was marginally higher while Infosys fell about 1.5 percent ahead of their earnings announcements.

Polycab India shares plunged 20 percent amid reports that the Income Tax Department has recent raided the company and found “unaccounted cash sales” of about Rs. 1,000 crores.

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