Indian shares edge higher amid earnings rush

BENGALURU, May 10 (Reuters): Indian shares advanced on Wednesday as investors parsed through a slate of major corporate earnings and looked ahead to US inflation data.
The Nifty 50 closed 0.27 per cent higher at 18,315.10, while the S&P BSE Sensex gained 0.29 per cent to 61,940.20. The benchmarks swung between gains of 0.3 per cent and losses of 0.3 per cent during the session.
High-weightage financials led gains in the Nifty, reversing intraday losses to end 0.32 per cent higher. Fast-moving consumer goods index gained over 0.5 per cent.
"Investors have resorted to selective profit-taking after a sharp spike in the recent sessions," said Shrikant Chouhan, head of equity research (retail) at Kotak Securities.
"The Nifty 50 has formed a small bearish candle in the daily charts, which indicates indecisiveness."
Meanwhile, global equities declined ahead of US consumer prices data and on disappointing company forecasts. Investors will focus on US inflation data for potential cues into the Federal Reserve's future rate-hike path. Asian markets were subdued.
Among individual stocks, private lender IndusInd Bank Ltd rose nearly 3 per cent and was the top Nifty 50 gainer after global brokerage UBS upgraded the stock to "buy" from "neutral", citing stable operating metrics.