(Reuters) – Indian shares nudged up slightly on Tuesday, as investors booked some profits and waited on the sidelines for further cues ahead of the start of another corporate earnings season.
Global stocks witnessed a relief rally and risk appetite was favoured in the previous session after jitters about a global economic slowdown were soothed by strong U.S. jobs data and a dovish tone by the Federal Reserve.
“There is some profit booking after the rally we saw in the previous session and there is a lack of trigger for further upside in the market,” said Siddhartha Khemka, head of retail research at Motilal Oswal Securities.
“We see a bit of caution ahead of the start of another earnings season.”
Corporate results season will begin on Thursday with top software services exporters Tata Consultancy Services Ltd reporting results.
The broader NSE Nifty was up 0.13 percent at 10,785.8 as of 0514 GMT, while the benchmark BSE Sensex was trading 0.20 percent higher at 35,923.33.
Shares of ICICI Bank and Infosys Ltd, which is scheduled to report results on Friday, were the top contributors to the Nifty index.
Some financial stocks witnessed mild selling, with shares of private sector lenders HDFC Bank and Kotak Mahindra Bank offsetting the gains.
Shares of Bandhan Bank Ltd and Gruh Finance Ltd fell sharply after Bandhan announced merger plans late Monday evening.
Reporting by Chandini Monnappa in Bengaluru; Editing by Rashmi Aich