Indian shares surged on Tuesday, with the Sensex up by 300 points and the Nifty trading above 17,700. All major sectoral indexes advanced, except for IT, with financials leading the gains. The bank index rose over 1%, and the public sector bank index added 2%, with Bank of Baroda Ltd's shares up 4%. Global brokerages reiterated "buy" on Bank of Baroda after the lender saw a 19% YoY increase in total advances for Q4.
Shilpa Medicare's shares also rose over 10% after the company received U.S. FDA approval for a drug to treat adult patients with active psoriatic arthritis. Corporate earnings, starting with Delta Corp Ltd's Q4 earnings on Tuesday, will be the near-term trigger for markets, according to analysts.
J.P. Morgan recently said that TCS, Infosys Ltd, and LTIMindtree Ltd might need to set aside provisions in the fourth quarter due to the financial turmoil of regional banks in the United States.
"The undertone of the market remains positive on the expectation of healthy Q4 earnings, ahead of key macro data," said Siddhatha Khemka, head of retail research at Motilal Oswal Financial Services.
India's consumer inflation is expected to have eased in March to 5.80%, below the RBI's upper tolerance limit, according to a Reuters poll of economists.