September 26, 2019 / 4:36 AM / 2 months ago

Indian shares track broader Asia higher as Trump signals trade deal with China

* NSE index up 0.96%, BSE index rises 0.91%

* Auto index up 1%

* GSK Pharma down 3.5% on Ranitidine fallout

By Derek Francis

BENGALURU, Sept 26 (Reuters) - Indian shares moved higher on Thursday, in line with gains in broader Asia, as investors cheered U.S. President Donald Trump hinting at a possible Sino-U.S. trade deal.

The broader NSE index was up 0.96% at 11,550.85 as of 0409 GMT, while the benchmark BSE index rose 0.91% to 38,945.23.

Trump said on Wednesday a deal to end a nearly 15-month trade war with China “could happen sooner” than people think, which would remove a huge shadow over the global economic outlook.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.13%.

“After correcting, markets have rebounded aided by the positive global cues,” said Deepak Jasani, head of retail research at HDFC Securities.

“However, markets may consolidate, rather than pick a trend in either direction for the next couple of sessions.”

Auto stocks led gains on the NSE index, with the sector’s subindex rising about 1%. India’s biggest auto maker by market cap Maruti Suzuki was up 2.23%.

Favourable oil prices also moved marketing companies. Indian Oil Corp rose 2.88%, while Hindustan Petroleum Corp was up 3.8%.

ICICI Bank was also among the gainers for the day, rising 2.5% and pushing the private-sector lenders index up 1.2%.

Among losers, Glaxosmithkline Pharma dropped 3.5% after the pharma major suspended distribution of its Ranitidine drug, used to treat stomach-related issues.

Yes bank shares were also among the top losers and also shed 3.45%. (Reporting by Derek Francis in Bengaluru; Editing by Rashmi Aich)

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