|Chennai||Rs. 25020.00 (0.81%)|
|Mumbai||Rs. 25890.00 (0.98%)|
|Delhi||Rs. 25200.00 (-0.2%)|
|Kolkata||Rs. 25480.00 (1.03%)|
|Kerala||Rs. 24800.00 (0.61%)|
|Bangalore||Rs. 25000.00 (0.81%)|
|Hyderabad||Rs. 25080.00 (1.09%)|
Indian shares rose on Wednesday, recovering from steep falls in the previous session, as auto makers such as Maruti Suzuki India Ltd rose on hopes sales would rebound, while drug makers, including Glenmark Pharma, extended a recent rally on the back of robust earnings.
State Bank of India pulled back from the previous session’s drop as hopes of sturdier-than-expected quarterly earnings offset concerns after the central bank on Tuesday raised the provisioning level for restructured assets.
Indian shares posted their biggest monthly fall since May, reversing the gains seen last month after the impact from the government's slew of fiscal and economic reforms waned.
Investors had hoped the Reserve Bank of India would help stem losses by cutting interest rates on Tuesday, but the central bank opted instead to tackle liquidity via a cut in the cash reserve ratio, sending shares lower.
“After RBI policy, there are no further triggers but only hopes of some more reforms,” said Vijay Kedia, director at private wealth management firm Kedia Securities.
“Upside seems capped and market would remain choppy for the near term,” he said.
The Bombay Stock Exchange (BSE) benchmark Sensex rose 0.4 per cent, or 74.53 points, to end at 18,505.38 points, falling 1.37 per cent for the month, pulling back after surging 7.65 per cent in September.
The 50-share National Stock Exchange (NSE) Nifty rose 0.39 per cent, or 21.80 points, to 5,619.70, falling 1.47 per cent for the month.
State Bank of India gained 1.7 per cent, rebounding from the previous session’s 4.3 per cent fall.
SBI Chairman Pratip Chaudhuri said on Tuesday asset quality in July-September was looking better than in the first quarter of the fiscal year, raising hopes for quarterly earnings due next week.
Maruti Suzuki rose 3.4 per cent after India's biggest carmaker said on Tuesday it expects sales to accelerate in the months ahead helped by new launches after posting a fifth-straight quarterly profit decline.
Tata Motors shares gained 2.9 per cent after Goldman Sachs said the auto maker's market cap has potential to reach $30 billion by 2017, from its current value of $13.8 billion, should unit Jaguar Land Rover take action such as launching smaller engine and lower priced vehicles.
Shares of Indian drug firms extended gains after reporting strong quarterly earnings.
Glenmark shares rose 8.6 per cent on Tuesday after its net profit almost tripled in the July-September quarter.
Dr Reddy's Laboratories gained 1.9 per cent, up for a third day, after posting a better-than-expected 32 per cent rise in quarterly net profit.
Biocon shares gained 2.4 per cent after posting a 4.7 per cent rise in quarterly net profit.
However, among decliners, Larsen & Toubro fell 0.7 per cent, down for a third session on continued profit-booking after a rally last week helped by market-beating July-September earnings.