May 7, 2019 / 6:45 AM / 5 months ago

Indian shares inch up; Hindalco top gainer

* NSE index up 0.15 pct, BSE index up 0.2 pct

* Vedanta rises ahead of quarterly results

* Marico posts best day in nearly 4 years

By Krishna V Kurup

May 7 (Reuters) - Indian shares rose slightly on Tuesday after shedding nearly a percent on Monday, while the broader Asian markets inched up from five-week lows but remained fragile on worries that U.S-China trade talks would be derailed.

The broader NSE index was up 0.15 percent at 11,615.25 as of 0623 GMT, while the benchmark BSE index inched up 0.22 percent to 38,684.82.

Both indexes shed nearly a percent on Monday as global stocks were roiled after U.S. President Donald Trump tweeted on Sunday that he would raise tariffs on $200 billion worth of Chinese goods to 25 percent from 10 percent by Friday, and would “soon” target the remaining Chinese imports with tariffs.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.5 percent on Tuesday, after tumbling 2 percent on Monday.

“We saw the markets react to trade war worries yesterday (Monday), but it is going to be just a short-to-medium term blip. We continue to believe India is a consumption-driven economy and it will be an advantage for India, if things go sour between U.S. and China,” said Gaurang Shah, senior vice-president at Geojit Financial Services in Mumbai.

“As we go closer to election date and exit poll outcomes, volatility and choppiness in the market will get elevated. Barring that, there is no negativity to worry about.”

Hindalco Industries Ltd was the top gainer on the NSE index by percentage, rising as much as 2.7 percent. Miner Vedanta Ltd, which is due to report quarterly results later in the day, gained up to 2.1 percent.

Among gainers, Bharti Airtel Ltd’s shares touched their highest in over seven months before reversing course to fall over 2 percent. It posted a 29 percent jump in March-quarter results on Monday, boosted by a one-time gain.

Shares of consumer company Marico Ltd posted their best day in nearly four years after it posted a more than two-fold jump in its quarterly profit.

Meanwhile, energy shares lost steam, with Nifty energy index shedding up to 1.4 percent. Oil marketing firms such as Bharat Petroleum Corp Ltd, Indian Oil Corp Ltd and Hindustan Petroleum Corp Ltd fell as much as between 2.9 and 5.1 percent. (Reporting by Krishna V Kurup in Bengaluru; editing by Uttaresh.V)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below