March 6, 2018 / 6:15 AM / 4 months ago

Indian shares rise, set for first gaining session in five

* NSE index up 0.28 pct, BSE index 0.18 pct higher

* Markets consolidating, NSE index range-bound - analyst

* Nifty PSU bank index falls

By Arnab Paul

March 6 (Reuters) - Indian shares edged higher on Tuesday and were headed for their first winning session in five, tracking stronger Asian equities, with gains spread across most sectors.

Asian markets rebounded from near three-week lows as concerns eased over Donald Trump’s plan to impose tariffs on steel and aluminium imports.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 1.3 percent.

“Global cues are taken into consideration, but markets are generally consolidating,” said Rakesh Tarway, head of research at Reliance Securities.

“Markets have already discounted most domestic fundamental triggers the Nifty is rangebound at 10,300 - 10,700 in the near-term. The next point is the March-quarter corporate results which is expected to be good.”

The broader NSE index was up 0.28 percent at 10,387.9 as of 0611 GMT, while the benchmark BSE index was 0.18 percent higher at 33,808.39.

NSE index was trading below the 100-day exponential moving average, having closed below it for the first time in six sessions on Monday. However, it is above the 200-day exponential moving average of 10,100.37.

The Nifty Metal index surged as much as 2.4 percent, recouping some of Monday’s losses.

Steel and aluminium stocks climbed, with National Aluminium Co Ltd and Tata Steel Ltd rising as much as 3.05 percent and 2.76 percent, respectively, recovering some of their losses in the previous session.

Meanwhile, the Nifty PSU Bank index fell 0.56 percent, with Bank of India down 2 percent. (Reporting by Arnab Paul in Bengaluru; Editing by Amrutha Gayathri)

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