Indian shares moved higher on Wednesday, as investors looked towards a rise in September-quarter earnings for companies after the government’s corporate tax cut, amid a rise in inflation and hopes of further rate cuts from the central bank.

The broader NSE Nifty rose 0.4% at 11,474.90 as of 0408 GMT, while the benchmark BSE Sensex was up 0.35% at 38,634.90.The September-quarter earnings season has so far seen blue-chip companies such as Hindustan Unilever , Wipro Ltd and ACC Ltd beat estimates.

Federal Bank and Mindtree Ltd are among the companies scheduled to report earnings later on Wednesday. Both the companies’ shares were up between 0.5% and 1% ahead of the announcement.

Meanwhile, retail inflation for September rose, but a sharp economic slowdown has left analysts predicting a further rate cut by the Reserve bank of India.

“Investors are hoping for optimism from corporates in their Q2 earnings commentary led by corporate tax rate cuts and revival in consumer demand,” said Rajesh Cheruvu, chief investment officer at Validus Wealth.

Wipro shares were up about 2.7% after the company reported a better-than-expected September-quarter earnings and also gave an optimistic revenue forecast for the next quarter.