* NSE index up 0.6 pct, BSE index 0.5 pct higher
* Macron wins 1st round in French election, far ahead in
* Cement stocks rally
By Darshana Sankararaman
April 24 Indian shares rose on Monday and the
rupee strengthened as investors breathed a sigh of
relief after the market's favoured candidate, Emmanuel Macron,
won the first round of the French presidential election.
The outcome led to a mass unwinding of safe-haven trades in
favour of riskier assets, although in India gains were tempered
as investors awaited a slew of quarterly earnings reports,
including that of Reliance Industries Ltd due later in
"There's a good chance in France for Macron to win, which is
positive for global markets," said Neeraj Dewan, director at
Macron will now face far-right leader Marine Le Pen in a May
7 runoff, with opinion polls on Sunday predicting an easy win
for him in the final clash.
The broader NSE index rose 0.62 percent to 9,175.60
by 0622 GMT, while the benchmark BSE index was 0.52
percent higher at 29,518.15.
The rupee strengthened to 64.4850/4900 per dollar from its
close of 64.61/62 on Friday, but bonds fell, with the benchmark
10-year bond yield rising 2 basis points to 6.94
Cement stocks were among the biggest gainers on the NSE
index, following better-than-expected quarterly results by ACC
Ltd on Friday. The Nifty realty index
climbed as much as 3.9 percent to its highest since July 2014.
ACC gained as much as 6.2 percent and was the top percentage
gainer on the NSE index.
HDFC Bank Ltd rose as much as 2.8 percent to a
record high after the country's second-biggest lender by assets
on Friday reported higher-than-expected profit for the March
But IT stocks fell on continued concerns over U.S. President
Donald Trump's order last week to a review the country's visa
program to encourage hiring Americans. Tata Consultancy Services
Ltd, Infosys Ltd, and Wipro Ltd
dropped more than 1 percent each.
Indian firms like Tata Consultancy Services, Infosys, and
Wipro are top beneficiaries of the H-1B visa programme, using it
to send computer engineers to service clients in the U.S., their
largest overseas market.
(Reporting By Darshana Sankararaman in Bengaluru; Editing by