Indian shares rise on IT boost; Ceat falls 5%
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BENGALURU - Indian shares inched higher on Tuesday as strong earnings from Tech Mahindra boosted information technology stocks, while market participants awaited commentary from companies over the impact of inflation in an earnings-heavy week.
The blue-chip NSE Nifty 50 index was up 0.5% at 18,214 by 0355 GMT, while the benchmark S&P BSE Sensex rose 0.5% to 61,256.86.
The Nifty IT index gained 1.2%, with Tech Mahindra leading the rally with a 5% surge on strong quarterly earnings.
Tyre maker Ceat Industries and paintmaker Kansai Nerolac fell 5% and 3.7%, respectively, after they reported a drop in net profit on higher input costs.
Many top-tier companies including India's leading car maker Maruti Suzuki, Larsen & Toubro and cigarette maker ITC will report their earnings later this week.
(Reporting by Nallur Sethuraman in Bengaluru; Editing by Subhranshu Sahu)
