November 1, 2019 / 4:46 AM / 19 days ago

Indian shares extend gains, IOC drops after weak results

* Both NSE and BSE rise 0.2%

* IOC drops after profit slide

* Auto stocks in focus ahead of monthly sales data

By Chandini Monnappa

Nov 1 (Reuters) - Indian shares extended gains seen through the week on Friday, as a raft of strong earnings raised expectations of a better December quarter.

Broader Asian shares reversed early losses with MSCI’s broadest index of Asia-Pacific shares outside Japan inching up 0.16% after a surprise bounce in Chinese manufacturing activity boosted investor sentiment.

In domestic markets, the broader NSE index was up 0.23% at 11,904.05 as of 0405 GMT, while the benchmark BSE index was 0.25% higher at 40,219.86.

Indian shares have seen steady gains in the last few sessions buoyed by positive global cues, a strong set of corporate results and expectations of a better third quarter.

The Nifty Media index rose as much as 3.49%, gaining the most among the 14 sectoral NSE indexes.

The Nifty PSU Bank index, which tracks the country’s state-run lenders, rose as much as 0.83%, with shares of Central Bank of India rising nearly 6%.

“Today is the first day of the new derivative segment and we have had one of the best months in the last four months, so that positivity has continued,” said A.K. Prabhakar, head of research at IDBI Capital in Mumbai.

Auto stocks will be in focus on Friday as automakers are set to report their monthly sales data. The Nifty Auto index inched up 0.24% in early trade.

Shares of lender Yes Bank Ltd were flat ahead of quarterly results announcement.

State-owned oil retailer Indian Oil Corporation Ltd slipped as much as 4.22% and was the biggest loser on the NSE index after the refiner recorded a 83% slide in quarterly profit.

Meanwhile, India’s fiscal deficit in the six months through September approached 93% of the target for the full year, limiting the scope for Prime Minister Narendra Modi to consider more tax cuts to boost economic growth. (Reporting by Chandini Monnappa in Bengaluru; editing by Uttaresh.V)

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