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Indian shares edge higher, claw back from 7-week low
November 16, 2015 / 8:50 AM / 2 years ago

Indian shares edge higher, claw back from 7-week low

* BSE index up 0.48 pct, NSE index up 0.45 pct

* Recovery to be short-lived, market fundamentals weak: analyst

* SH Kelkar shares up 25 pct on debut

MUMBAI, Nov 16 (Reuters) - Indian shares edged higher, rebounding from near seven-week lows hit earlier on Monday as stocks seen as oversold from a recent sell-off rebounded, although sentiment remained jittery after the attacks in Paris by suspected Islamist militants.

Asian shares dropped on Monday, weighed down as well after data showed Japan’s economy slipped back into recession in the July-September quarter.

The attacks in Paris come as Indian shares have fallen for three consecutive weeks on the back of disappointing earnings results and heavy foreign selling. Foreign investors have sold about $380 million in November according to regulatory data.

“There is no positive macro-economic data and global cues are negative. What we are seeing today is a dead-cat bounce, it doesn’t mean the market is very positive,” Alex Mathews, head of research at Geojit BNP Paribas said.

The benchmark BSE index rose 0.48 percent. It earlier fell as much as 0.62 percent to its lowest level since Sept. 29.

The broader NSE index gained 0.45 percent after falling as much as 0.63 per also its lowest level since Sept. 29.

All sectors were trading in the green with the exception of resources and IT stocks.

Blue-chips stocks that were heavily oversold last week, led gains with ITC rising 2.23 percent and Larsen & Toubro up 1.41 percent. ITC lost 2.34 percent while L&T shed about 3.34 percent last week.

SH Kelkar, which marked its market debut on Monday, was trading 14 percent higher from its IPO price of 180 rupees. The stock gained as much as 25 percent to 225.05 rupees earlier in the day. (Reporting by Karen Rebelo in Mumbai; Editing by Anand Basu)

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