India stocks gain as banks, retailers rise; RBI policy awaited
Indian shares opened higher on Tuesday, extending their rebound from the previous session, led by banks and retailers on positive quarterly updates. The Nifty 50 rose 0.11% to 22,581.25, while the BSE Sensex gained 0.1% to 72,445.54, as of 9:18 a.m. IST. Axis Bank and Kotak Mahindra Bank gained on quarterly advances and deposits, while Trent surged 10% on a projected revenue rise.
(Updates for markets open) Oct 6 (Reuters) — Indian shares opened marginally higher on Tuesday, extending their rebound from the previous session, led by banks on positive quarterly updates, while supportive global cues aided sentiment ahead of a crucial central bank policy decision. m. IST. 7%, respectively, in the previous session, recovering from their longest weekly losing streak in 25 years, helped by lower oil prices and easing concerns about aggressive US monetary tightening following softer-than-expected jobs data.
Ten of the 16 major sectors logged gains at the open. 2%, respectively. 6% jump in Kotak Mahindra Bank after their quarterly updates showed a rise in quarterly advances and deposits. Trent surged 10% after the apparel retailer projected a 23% year-on-year rise in standalone revenue for the September quarter in its business update.
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