Indian stocks rise in choppy trade; cabinet reshuffle, benefits in sight

BENGALURU, July 7 (Reuters) – Indian stocks edged higher on Wednesday in volatile trading as financials helped offset the decline in auto stocks, as investors analyzed some sinking corporate earnings and awaited news on a cabinet reshuffle.

At 04:04 GMT, the blue-chip NSE Nifty 50 (.NSEI) was up 0.19% to 15,847.85, while the benchmark S&P BSE Sensex (.BSESN) was up 0, 26% at 52,998.78. The Nifty Bank Index (.NSEBANK) was up 0.32% at 4:15 a.m. GMT.

Prime Minister Narendra Modi’s government was due to announce a Union cabinet reshuffle, expanding the council of ministers, media reported.

As fears of an impending third wave of COVID-19 were raised by experts, the country’s health officials at a press briefing on Tuesday expressed concerns over photos of tourists flocking to resorts. mountain, some first quarter earnings turned out to be promising.

Titan Co’s (TITN.NS) jewelry sales, excluding bullion, rose nearly 107%, the company said. Investors expect strong figures from Tata Consultancy Services (TCS.NS), which is expected to release results on Thursday.

Real estate company Sobha Ltd (SOBH.NS) rose 8% after reporting higher total sales value for the first quarter. The construction company expects normalcy to be restored by the second half of fiscal year 20211-22.

Globally, Asian stocks slumped as a bout of risk aversion boosted bonds and the dollar, as investors braced for the minutes of the latest Federal Reserve meeting which is expected to mark a hawkish turn of US monetary policy.

However, India’s foreign minister said the country will experience a strong economic recovery, emerging from the second wave of COVID-19.

Report by Shivani Singh in Bengaluru; edited by Uttaresh.V

Our Standards: Thomson Reuters Trust Principles.