Indian shares get IT, Tata Steel boost ahead of more earnings, inflation data
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BENGALURU - Indian shares rebounded on Friday, helped by IT stocks and Tata Steel, while investors also focused on more Nifty 50 company earnings and retail inflation reading for October due later in the day.
The blue chip NSE Nifty 50 index rose 0.60% to 17,981.50 and the benchmark S&P BSE Sensex rose 0.59% to 60,275.77 by 0348 GMT.
The main indexes fell about 0.7% on Thursday on global worries about inflation, triggered by the strongest advance in U.S. consumer prices since November 1990.
However, Asian markets gained on Friday as the shock from the U.S. inflation report ebbed, with investors hoping that the worst price hikes could be soon over. [MKTS/GLOB]
India's October retail inflation report is due at 1200 GMT on Friday, with a Reuters poll of 43 economists forecasting inflation likely hovered near a six-month low.
In Mumbai trading, Tata Steel was up as much as 3.1% after reporting a jump in quarterly profit.
The Nifty IT index gained 0.75%, and was on course to snap two straight sessions of losses, as Tech Mahindra and Wipro added more than 1% each.
Traders are also keeping an eye out for earnings results from Hindalco Industries, Coal India, Grasim Industries, Hero MotoCorp and oil and gas explorer ONGC due later in the day.
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