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Indian shares edge up; trade dull on lack of triggers
August 22, 2017 / 6:23 AM / a month ago

Indian shares edge up; trade dull on lack of triggers

* NSE index up 0.32 pct, BSE index 0.24 pct higher

* Energy stocks gain

* Markets are consolidating - analyst

By Arnab Paul

Aug 22 (Reuters) - Indian shares edged up in lacklustre trade on Tuesday, but markets remained range-bound as investors kept to the sidelines in the absence of clear triggers.

Shares erased early gains even though some amount of buying was seen across sectors. The broader NSE index rose as much as 0.76 percent in early trade.

“The markets are in a consolidation phase now after disappointing Q1 results,” said Siddharth Sedani, head and vice president, equity advisory at Anand Rathi.

“In the short-term, I see markets range-bound between 9,600-10,000 and change is unlikely unless there are strong geo-political triggers.”

The NSE index was up 0.32 percent at 9,785.35 as of 0609 GMT, while the benchmark BSE index was 0.24 percent higher at 31,334.8.

Shares of Infosys Ltd extended losses to a third session, falling as much as 1.53 percent, after Vishal Sikka resigned as chief executive officer on Friday. The stock has lost 14.4 percent since Sikka’s resignation up to Monday’s close.

HCL Infosystems Ltd rose 18.1 percent after signing an agreement with Apple India Pvt Ltd for distribution of iPhones and other Apple products in India.

Energy stocks gained with Indian Oil Corp up 3.2 percent and Oil and Natural Gas Corp rising 1.6 percent.

Auto stocks were among the decliners, with Hero MotoCorp Ltd falling as much as 1.7 percent. (Reporting By Arnab Paul in Bengaluru; Editing by Sunil Nair)

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