December 2, 2019 / 4:30 AM / 2 months ago

Indian shares track broader Asia higher; telecom stocks rally

BENGALURU, Dec 2 (Reuters) - Indian shares rose on Monday, tracking their peers in broader Asia, as investors hoped for progress in the U.S.-China trade talks amid slowing domestic economic growth.

The NSE Nifty 50 index rose 0.4% to 12,104.25, while the S&P BSE Sensex climbed 0.53% to 41006.20 by 0410 GMT.

MSCI’s index of Asia-Pacific shares outside Japan gained 0.46% after investors clung to hopes Beijing and Washington could reach a compromise in trade talks despite concerns of U.S. support to the Honk Kong protests.

Investors at home seemed to have priced in the flagging economic growth, which slowed to 4.5% for the July-September period.

Telecom stocks led gains among sectors as all three major operators in the country announced price hikes over the weekend after a court ruling forced them to cough up nearly $13 billion in dues and levies.

Bharti Airtel rose 8.03%, Vodafone Idea jumped 16.06% and Reliance Jio owner Reliance Industries advanced 3.57%.

Vodafone was the biggest gainer among all stocks listed on the NSE, while Airtel gained most on the Nifty.

Among losers, Oil and Natural Gas Corp dropped 2.54% and was the biggest drag on the indexes. (Reporting by Derek Francis in Bengaluru; editing by Uttaresh.V)

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