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Sensex, Nifty Modestly Higher In Early Trade

Indian shares opened a tad higher on Wednesday despite mixed global cues and caution ahead of the expiry of July series derivative contracts on Thursday.

The benchmark S&P BSE Sensex edged up 88 points, or 0.23 percent, to 38,580 in early trade, while the broader NSE Nifty index was up 40 points, or 0.35 percent, at 11.340.

IDFC First Bank rallied 3.4 percent as it logged a net profit of Rs. 94 crore in the first quarter ended June as compared to net loss of Rs. 617 crore for Q1 FY20.

Reliance Industries slid half a percent amid reports that sovereign fund Qatar Investment Authority may invest around $1.5 billion in an infrastructure investment trust that holds the company's fibre-optic assets.

Nestle India rose slightly on reporting an 11 percent rise in quarterly net profit.

Welspun Corp gained 0.6 percent despite reporting a 54 percent fall in Q1 profit.

Tata Steel advanced 1.2 percent on news that it will soon commission its first scrap-based steel plant in India being set up at Rohtak in Haryana.

NIIT Technologies climbed 3 percent despite reporting a 20.6 percent drop in profit after tax for Q1FY21.

Yes Bank also rose about 3 percent. The bank's profit fell by more than half in the first quarter ended June.

Bharti Airtel and InterGlobe Aviation were moving higher ahead of their earnings.

ITC was marginally higher after it concluded the acquisition of spice maker Sunrise Foods.

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