Indian shares open higher ahead of HUL results, global rally - Reuters

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People walk past the Bombay Stock Exchange (BSE) building in Mumbai, India, March 9, 2020. REUTERS/Francis Mascarenhas/File photo

BENGALURU, July 22 (Reuters) - Indian shares opened marginally higher on Thursday, buoyed by expectations of strong performance from consumer goods major Hindustan Unilever (HLL.NS), and on gains in global markets mainly on positive corporate earnings.

The blue-chip NSE Nifty 50 index (.NSEI) rose 0.84% to 15764.40 and the benchmark S&P BSE Sensex (.BSESN) was up 0.86% to 52,648.88. The indexes have fallen nearly 2% as of Tuesday, their last closing.

Analysts at ICICI Direct expect the consumer goods giant to post a 21% rise in year-over-year revenue on Thursday.

Investors are also eyeing quarterly results from Bajaj Auto (BAJA.NS) and Ultratech Cement (ULTC.NS), as well as Zomato IPO's share allotment later in the day.

Banks, metals and consumer goods shares helped push up the indexes in early trade. The Nifty banks index (.NSEBANK) gained 1.08% after two days of losses, metals (.NIFTYMET) were up 1.6% and Nifty FMCG (.NIFTYFMCG) was up 0.81%

Asian stocks shrugged off virus worries to rally on Thursday, while bonds nursed losses and oil held onto sharp gains as investors looked ahead to the European Central Bank for reassurance that policy support will continue for some time. read more

Wall Street extended gains on Wednesday fuelled by positive corporate earnings from major companies.

Reporting by Vishwadha Chander in Bengaluru; Editing by Shailesh Kuber

Our Standards: The Thomson Reuters Trust Principles.

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