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Indian shares edge higher ahead of GDP data; cautious on N.Korea
November 29, 2017 / 6:41 AM / 15 days ago

Indian shares edge higher ahead of GDP data; cautious on N.Korea

* NSE index up 0.12 pct, BSE index 0.13 pct higher

* Investors expect positive GDP data for Sept-qtr

* Coal India up as much as 2.8 pct

By Jessica Kuruthukulangara

Nov 29 (Reuters) - Indian shares edged higher on Wednesday on hopes data this week would show economic growth recovering in the July-September quarter, though broader gains were capped as sentiment turned cautious after a missile test by North Korea.

India’s gross domestic product (GDP) is likely to have grown 6.4 percent from a year ago in July-September, from 5.7 percent in the preceding quarter, according to a Reuters poll of analysts. The data is due on Thursday after market hours.

The data could help support a market that has surged around 27 percent so far this year, though gains have slowed since indexes hit a record high in early November over global concerns such as higher oil prices.

But broader gains on Wednesday were capped as caution over the latest missile test by North Korea and softness in Chinese shares hit Asian markets. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.08 percent.

The second half of the year could be very positive compared with the first half due to a revival in growth, base effect and as teething troubles related to GST ease, said Siddharth Sedani, head and vice president of equity advisory at Anand Rathi.

The broader NSE index was up 0.12 percent at 10,383.05 as of 0613 GMT, while the benchmark BSE index was 0.13 percent higher at 33,663.60.

Coal India Ltd climbed as much as 2.8 percent, its biggest percentage rise since Sept. 28, and was on track for a fourth session of gains.

Index heavyweights Reliance Industries Ltd and ICICI Bank Ltd were up 0.5 percent each. Reliance has gained in three sessions out of the last four while ICICI Bank recovered after three straight sessions of losses.

Meanwhile, Axis Bank Ltd led losses on both indexes. It was down 1.8 percent on the NSE, after having risen in the last four sessions. (Reporting by Jessica Kuruthukulangara in Bengaluru; Editing by Sunil Nair)

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