October 16, 2018 / 5:42 AM / a month ago

Indian shares trade higher on strong Q2 earnings so far

* NSE index up 0.73 pct, BSE index rises 0.86 pct

* Asian markets also positive

* Infosys results awaited

By Tanvi Mehta

Oct 16 (Reuters) - Indian shares rose on Tuesday amid positive global markets, with all eyes on market heavyweight Infosys Ltd which is widely expected to report a higher profit later in the day.

Asian stocks rose modestly, gaining a firmer footing after a week of heavy losses, although increasing tensions between Saudi Arabia and the West have fanned geopolitical concerns and capped gains.

Indian markets are on track for their third consecutive session of gains after a global rout on Thursday had put the NSE index on to its worst start to the October quarter in a decade.

“Selling pressure in the market has come down... Results so far are on expected lines. Market is on the recovery path, nothing to read beyond that,” said Deven Choksey, founder, KR Choksey Investment Managers.

The broader NSE index was up 0.73 percent at 10,589.30 as of 0524 GMT, with IndusInd Bank as the top percentage gainer after it reported a 4.6 percent jump in September quarter profit.

The benchmark BSE index was trading 0.86 percent higher at 35,164.96.

Infosys shares rose over 1 percent amid anticipation of the company posting strong results for the September quarter. Bigger rival Tata Consultancy Services Ltd set the tone for the season last week, but analysts remained concerned over its margins.

Shares of South Indian Bank and Zee Media Corp also rose over 16 percent after both companies posted higher profit on Monday.

Cable TV and service providers Hathway Cable & Datacom and DEN Networks Ltd gained about 8 percent after a media report said that Reliance Industries Ltd could buy controlling stakes in the two companies to boost its high-speed broadband network. (Reporting by Tanvi Mehta in Bengaluru; Editing by Rashmi Aich)

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