(MENAFN- Live Mint) (Updates at 10:32 a.m. IST)
By Bharath Rajeswaran
Nov 14 (Reuters) - Indian shares rose 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 0.18% to 23,602.25 as of 10:32 a.m. IST, while the BSE Sensex gained 0.15% to 77,808.18.
Eleven of the 13 major sectors advanced. The broader small- and mid-caps gained about 1.5% and 1.1%, respectively.
Eicher, which makes Royal Enfield motorcycles, jumped 7.5%, 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 remained cautious 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.
"The current market texture remains weak but oversold. Hence, there could be one day of quick pullback rally from the current levels," said Shrikant Chouhan, head of equity research at Kotak Securities.
The market weakness, which pulled the Nifty down 10% from its record high on Sept. 27 and confirmed the correction, has been due to a disappointing corporate earnings season and the 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 domestic rate cut in the near-term.
Among individual stocks, Jio Financial Services and Zomato rose 5.7% and 3.7%, respectively, after getting the markets regulator's approval for derivatives trading.
Brokerage Nuvama also identified the two companies as likely candidates for inclusion into Nifty 50 index in its next rejig in March 2025.
HDFC Bank, bearing the most weightage on the Nifty 50, gained 1.1% and led financials about 0.9% higher.
Financials gained as investors, amid the correction, sought safety in the only sector with relatively cheaper valuations compared to historical averages, analysts said. (Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sumana Nandy and Savio D'Souza)
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