Indian shares crawl higher; outlook remains grim
* BSE index gains 0.1 pct; NSE ends 0.05 pct higher * FIIs snap 5-day buying streak of Indian shares * SBI falls after Moody's downgrade By Abhishek Vishnoi MUMBAI, Sept 24 (Reuters) - Indian shares ended with mild gains on Tuesday after earlier rising nearly 1 percent, reversing a two-day losing streak, on value buying in beaten down rate-sensitive shares, while the NSE index found support around its 200-day moving average. However, dealers said selling by foreign institutional investors (FIIs) in Indian stocks on Monday, weighed on shares at higher levels. FIIs sold Indian shares worth of 805.7 million rupees on Monday, snapping their five-day buying streak. They had bought around 127 billion rupees ($2.03 billion) worth of Indian shares over the previous 12 sessions till Friday, regulatory data showed. Despite Tuesday's gains, the overall trend remained weak due to lack of positive triggers in the near term, while the expiry of equity derivatives contracts on Thursday was expected to increase the volatility, dealers added. "Markets may remain jittery and nervous in the short term as domestic data points remain weak, while election will take prominence over reforms," said Phani Sekhar, a fund manager at Angel Broking. The benchmark BSE index edged up 0.1 percent, or 19.25 points, to end at 19,920.21. The broader NSE index inched up 0.05 percent, or 2.70 points, to end at 5,892.45, after earlier taking support around its 200-day moving average at 5,841. Among lenders, Housing Development Finance Corp Ltd rose 1.6 percent, while ICICI Bank Ltd gained 0.2 percent. In auto shares, Bajaj Auto Ltd rose 2.7 percent, while Maruti Suzuki India Ltd advanced 0.7 percent. Tata Motors Ltd rose 1 percent, while Mahindra and Mahindra Ltd gained 1.2 percent. Kingfisher Airlines Ltd, which has been grounded for almost a year for want of cash, surged 9.7 percent after Chairman Vijay Mallya said on Tuesday it was in talks with a foreign investor for a potential stake sale. Glenmark Pharmaceuticals Ltd rose 1.5 percent after the U.S. Food and Drug Administration approved a key drug for the company, while Sun Pharmaceutical Industries Ltd fell 0.3 percent as former's drug was seen negative for its unit Taro Pharmaceutical Industries Ltd. State Bank of India, the country's largest lender, also fell 0.6 percent after ratings agency Moody's downgraded its outlook on the bank's financial strength rating to 'negative' from 'stable'. For additional stocks on the move double click FACTORS TO WATCH * Euro slips as German Ifo falls short of expectations * Oil slips below $108 ahead of Iran nuclear talks * Shares edge lower on policy doubts, Ifo eyed * Foreign institutional investor flows * For closing rates of Indian ADRs ASIA-PACIFIC STOCK MARKETS: Pan-Asia........ Japan....... S.Korea... S.E. Asia....... Hong Kong... Taiwan.... Australia/NZ.... India....... China..... OTHER MARKETS: Wall Street .... Gold ....... Currency.. Eurostocks..... Oil ........ JP bonds... ADR Report ..... LME metals. US bonds.. Stocks News US.. Stocks News Europe DIARIES & DATA: Indian Data Watch Asia earnings diary U.S. earnings diary European diary Indian diary Wall Street Week Ahead Eurostocks Week Ahead TOP NEWS: For top Asian company news, double click on: U.S. company news European company news Forex news Global Economy news Technology news Telecoms news Media news Banking news Politics/General Asia Macro data (Editing by Anand Basu)
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