Indian shares rise on tech bounce, blue-chip earnings eyed
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BENGALURU - Indian shares opened sharply higher on Monday after two weeks of heavy losses, as beaten down technology stocks advanced with a slew of blue-chip earnings and the federal budget in focus.
The blue-chip NSE Nifty 50 index climbed 1.24% to 17,313.6 by 0351 GMT, while the S&P BSE Sensex rose 1.23% to 57,901.39. The indexes had dropped around 3% each last week.
The Nifty IT index, which had fallen in eight of the last nine sessions amid a tech sell-off on U.S. interest rate worries, climbed as much as 2.5% on Monday.
Meanwhile, industrial major Larsen & Toubro slid 2.5% after a steeper-than-expected fall in quarterly profit.
Nifty components Tata Motors, Indian Oil, BPCL, Sun Pharma and UPL are due to report results on Monday.
