* NSE, BSE indexes up 0.4% each
* Tata Motors up 2%
* Property finance stocks turn positive, IT shares down
By Chris Thomas
July 16 (Reuters) - Indian shares ticked higher in volatile trade on Tuesday in broad-based gains, while losses in IT stocks limited the upside.
The broader NSE index was up 0.37% at 11,631.1 as of 0434 GMT, while the benchmark BSE index was 0.41% higher at 39,056.99.
Broader Asian shares also rose as investors awaited U.S. retail sales data and corporate earnings to gauge the health of the world’s biggest economy.
Investors in Indian equities appeared unfazed by trade data released on Monday that showed weakening consumption in Asia’s third largest economy, with June imports falling to their lowest level in four months.
“The market has already factored in significant bearishness and is looking ahead at additional rate cuts and monetary policy mechanisms by the central bank, and an improving economy by the end of the year,” said Sunil Sharma, chief investment officer, Sanctum Wealth Management in Mumbai.
The rupee was largely unchanged at 68.55 against the dollar amid a pullback in oil prices, while the 10-year benchmark government bond yield slipped to 6.3996% from last close of 6.4327%.
Tata Motors Ltd, miner Vedanta Ltd and Oil and Natural Gas Corp were among the top gainers in the NSE index, climbing around 2% each.
Tata Steel Ltd rose 1.7% while power producer NTPC Ltd advanced 1.5%.
Crisis-hit shadow bank Dewan Housing Finance Corporation Ltd (DHFL), which had fallen as much as 8.3%, reversed course to trade around 5% higher.
DHFL’s rival Indiabulls Housing Finance Ltd also swung around to trade marginally higher.
Meanwhile, Ashok Leyland Ltd fell as much as 3.8% to a near four-week low after the automaker said it would close its Pantnagar plant for nine days due to weak demand and outlook for the industry.
Business sentiment in India in June was dragged to its lowest level since 2016 due to slowing economic growth, water shortage and regulatory hurdles, according to a survey by market research firm IHS Markit.
IT giant Tata Consultancy Services Ltd, down 2%, was the biggest drag on the indexes. Nifty IT index was down 0.8%. (Reporting by Chris Thomas in Bengaluru; editing by Gopakumar Warrier)