The Indian equity benchmark indices opened higher on Thursday following gains in Asian peers on upbeat sentiment as hopes of an economic recovery offset concerns over flare-ups in the coronavirus pandemic. Investors also looked ahead to the Q1FY21 earnings season.

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The Sensex opened 121.68 points or 0.33 percent higher at 36,450.69, while the Nifty50 index opened at 10,755.55, up 49.80 points or 0.47 percent.

Broader markets supported gains with Nifty Smallcap100 and Nifty Midcap100 indices up 0.97 percent and 0.61 percent, respectively.

Barring FMCG, all sectoral indices were trading in the green led by Nifty Metal, Nifty PSU Bank, Nifty IT and Nifty Realty.

IndusInd Bank, Hindalco, Infosys, Vedanta and Bajaj Finance were the top Nifty50 gainers, while Hero MotoCorp, UPL, Bharti Infratel, ITC and Maruti Suzuki were the top losers.

Tata Consultancy Services gained 1 percent ahead of its Q1FY21 earnings to be released later today. TCS is expected to see a revenue decline of 3.5 percent in constant currency (CC) terms. Gains from a weak Indian rupee and operational rigour should help TCS contain margin decline to 34 bps versus Q4FY20 despite a sharp fall in growth rate. The company’s commentary on the macro environment and new deals and cost control will be monitorable, according to Edelweiss Securities.

ICICI Bank gained over 1.5 percent after the bank's board approved to raise up to Rs 15,000 crore in core capital through a variety of routes such as private placement of shares or preferential issue or qualified institutions placement (QIP) or follow-on public offering (FPO), or a combination thereof.

Yes Bank rallied over 3 percent after State Bank of India’s board approved a maximum investment of up to Rs 1,760 crore in Yes Bank's upcoming further public offer (FPO).

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