Markets are waiting for more corporate results to flow in to see signs of recovery after the goods and services tax and the withdrawal of high-value bank notes, he added. Photograph:( Reuters )
Indian shares scaled fresh all-time peaks on Friday, propelled by financials and energy stocks, as investors awaited the monthly inflation data for clues on the central bank`s monetary policy.
India`s retail inflation rate likely rose to a 17-month high in December, a Reuters poll showed, suggesting pressure on the Reserve Bank of India to tighten monetary policy.
The broader NSE Nifty was up 0.27 per cent at 10,679.55 as of 0630 GMT, after rising as much as 0.37 per cent to a record 10,690.25.
The benchmark BSE Sensex rose 0.28 per cent to 34,601.10, after gaining as much as 0.39 per cent to 34,638.42, also an all-time high.
"There is a little bit of hesitation seen ahead of key macro data coming later in the day. Apart from that, the earnings numbers did not have any major surprises, specifically any negative ones to breach the ongoing positive momentum," said Anand James, chief market strategist at Geojit Financial Services.
"Whatever has come in till now, say, IT company results or private sector bank results such as South Indian Bank Ltd and IndusInd Bank Ltd, the numbers are largely in line with expectations."
Markets are waiting for more corporate results to flow in to see signs of recovery after the goods and services tax and the withdrawal of high-value bank notes, he added.
Refiners advanced on the back of weaker oil prices. Reliance Industries gained 1.5 per cent, while Indian Oil Corp Ltd rose 0.8 per cent.
Lenders also rose, with ICICI Bank up 1.2 per cent and Kotak Mahindra Bank Ltd gaining 0.6 per cent.
Meanwhile, IT stocks slipped, with the NSE IT index down for the first time in seven sessions.
Tata Consultancy Services Ltd shed 1.4 per cent after posting its third straight dip in quarterly net profit.
Meanwhile, Dish TV India Ltd fell to a seven-week low after it said it was evaluating the impact of insolvency proceedings against certain entities of Videocon Group on its merger deal with Videocon d2h Ltd.