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Indian stocks are rising as a result of the IT recovery, blue-chip earnings expected to rise

A man wearing a protective mask walks past the Bombay Stock Exchange (BSE) building in Mumbai, India, March 13, 2020. REUTERS/Francis Mascarenhas

With a flurry of blue-chip earnings and the federal budget in focus, Indian equities rebounded on Monday after two weeks of hefty losses as buyers scooped up beaten-down technology stocks.

By 0458 GMT, the blue-chip NSE Nifty 50 index (.NSEI) had risen 1.41 percent to 17,342.7, while the S&P BSE Sensex (.BSESN) had risen 1.41 percent to 58,007.19. Each index had declined nearly 3% in the previous week.

On Monday, the Nifty IT index (.NIFTYIT), which had declined in eight of the previous nine sessions due to a tech sell-off fueled by fears of a rate hike in the United States, gained as much as 3.2 percent.

“We’re generally following the U.S. market’s good closing on Friday, but maintaining those gains will be difficult given the upcoming budget. Limiting positions, we believe, would be advisable “Religare Broking’s vice president of research, Ajit Mishra, stated.

In the run-up to Tuesday’s budget, foreign investors have sold down dramatically, with analysts expecting further fiscal measures to bolster demand in the face of a third wave of COVID-19 infections.

“As of present, signs point to additional consolidation following the budget, as foreign investment data isn’t promising,” Mishra added.

The Nifty was expected to end the month marginally lower, while the Sensex was expected to fall 0.5 percent, as losses in the last two weeks outweighed significant gains at the start of the month.

Despite the recent slump caused by fears of Federal Reserve tightening, Jefferies noted that values of Indian shares were still not in “the comfort zone.”

Reliance Industries (RELI.NS), India’s most valuable company, gained as much as 2.6 percent in early trade on Monday, after losing 5.7 percent since reporting earnings earlier this month.

Meanwhile, after releasing quarterly results, IndusInd Bank (INBK.NS), a private-sector lender, slumped as much as 3.2 percent.

In its initial public offering, AGS Transact Technologies (AGST.NS) saw a 5.1 percent decline.

Nifty components of high quality Later in the day, Tata Motors (TAMO.NS), Indian Oil (IOC.NS), BPCL (BPCL.NS), Sun Pharma (SUN.NS), and UPL (UPLL.NS) will release their earnings.

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