Updates for morning trade
By Bharath Rajeswaran
Dec 24 (Reuters) - Indian shares rose on Tuesday, buoyed by information technology and auto stocks, with analysts expecting rangebound moves for the benchmark indexes due to the lack of triggers in a holiday-truncated week.
The Nifty 50 .NSEI rose 0.3% to 23,827.80 points as of 10:43 a.m. IST, while the BSE Sensex .BSESN rose 0.3% to 78,759.10. Indian financial markets will be closed on Wednesday for Christmas.
The broader smallcaps .NIFSMCP100 and midcaps .NIFMDCP100 indexes rose 0.5% and 0.3%, respectively. Nine of the 13 major sectors were trading in the green.
Information technology index .NIFTYIT rose 0.5%, while the auto index .NIFTYAUTO gained 0.9%.
Both the IT and auto indexes had slipped about 5% last week, mirroring the benchmarks, on curtailed expectations for U.S. rate cuts in 2025 and sustained foreign selling.
"The minor rebound is along expected lines as last week's correction has created buying opportunities due to cheaper valuations," G Chokkalingam, founder and head of research at Equinomics Research, said.
"But the benchmark indexes are unlikely to see significant gains between now and early January, due to lack of major triggers ahead of December quarter earnings season," Chokkalingam said.
A strong dollar and elevated U.S. bond yields could trigger more foreign outflows, and concerns over domestic corporate earnings will cap gains in Indian equities over the next few sessions, analysts said.
Among individual stocks, electronic manufacturing firm PG Electroplast PGEL.NS and home appliances maker Whirlpool of India WHIR.NS rose about 5% and 2%, respectively, after they announced a deal to manufacture select Whirlpool-branded semi-automatic washing machines.
Infrastructure company HG Infra Engineering HGIN.NS gained 3% after its unit signed a battery energy storage purchase agreement.
Technology firm Aurionpro Solutions APSL.NS added 2.5% after announcing expansion into Europe with the acquisition of French firm Fenixys.
($1 = 0.9620 euros)
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sumana Nandy, Savio D'Souza and Mrigank Dhaniwala)
((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))
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