(MENAFN- Live Mint) (Updates at 9:25 a.m. IST)
By Bharath Rajeswaran
Nov 14 (Reuters) - Indian shares opened marginally higher on Thursday, after sinking into correction territory in the previous session, with Eicher Motors driving the gains in the blue-chip indexes following a better-than expected quarterly profit.
The NSE Nifty 50 rose 0.26% to 23,620.6 as of 9:25 a.m. IST, while the BSE Sensex gained 0.2% to 77,848.23.
Nine of the 13 major sectors advanced. The broader small- and mid-caps jumped about 1.4% and 0.7%, respectively.
Eicher, which makes the Royal Enfield motorcycles, jumped 7%, the most on the Nifty, after its September-quarter profit beat market expectations, helped by increased sales of its higher-capacity models such as the "Himalayan".
Still, analysts sounded caution after the Nifty and the small- and mid-cap indexes slipped into correction in the previous session, with the Sensex just about avoiding to do so.
There might be a small bounce after the drop in the last two sessions, but the market's undertone is bearish and any rise is likely to be short-lived, said Aditya Gaggar, director of Progressive Shares.
The market weakness, which pulled the Nifty down 10% from its record high on Sept. 27, confirming the correction, has been due to underwhelming corporate earnings and massive foreign outflows, worth $15 billion in the last 33 sessions.
Adding to that, data earlier this week showed inflation jumped, fanning fears of a consumption slowdown and dampening hopes of a rate cut in the near term.
In the region, China dragged the broader Asian shares lower on the day as investors remained unimpressed by Beijing's latest stimulus measures to support the economy. (Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sumana Nandy and Savio D'Souza)
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