October 25, 2019 / 4:43 AM / 24 days ago

Nifty, Sensex track broader Asia higher; ITC shines

A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, February 26, 2016. REUTERS/Shailesh Andrade/Files

(Reuters) - Indian shares followed their Asian peers higher on Friday, led by gains in bellwether stocks ITC Ltd and Infosys Ltd, as investors studied a raft of corporate earnings amid concerns over slowing global economic growth.

The broader NSE Nifty .NSEI was up 0.22% at 11,608.20 by 0408 GMT, while the benchmark BSE Sensex .BSESN was stronger by 0.29% at 39,142.23. Both the indexes were on track to finish the week over half a percent lower.

Gains in broader Asian shares were capped by fresh uncertainties around Brexit. MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS edging up 0.13% as gains were.

In domestic markets, shares of cigarrete ITC Ltd (ITC.NS) were up as much as 3.27%, its best session in over four and a half weeks after the cigarrete-to-hotel conglomerate beat quarterly profit expectations on Thursday. The stock was among the top three percentage gainer on the NSE index.

The Nifty IT index .NIFTYIT inched up nearly 1% with shares of India’s second-biggest IT services firm by revenue, Infosys Ltd (INFY.NS) adding 2.7%. Shares fell earlier this week after a whistleblower complaint claimed the firm used ‘unethical practices’ to boost revenue and profit.

The Nifty PSU Bank index .NIFTYPSU, which tracks the country’s state-owned lenders, rose as much as 1.2%, with shares of State Bank of India (SBI.NS) climbing 2.32% ahead of quarterly results later in the day.

Meanwhile, shares of India’s biggest airline IndiGo’s parent InterGlobe Aviation Ltd (INGL.NS) were down as much as 5.4%, after the company posted its biggest ever quarterly loss on Thursday.

Vodafone Idea Ltd (VODA.NS) continued its downward tumble early on Friday, slipping as much as 16.09%, while Bharti Airtel Ltd (BRTI.NS) slipped as much as 1.92% after the Supreme Court on Thursday upheld a demand by the country’s telecoms department that wireless carriers pay 920 billion rupees ($12.97 billion) in overdue levies and interest.

($1 = 70.9600 Indian rupees)

Reporting by Chandini Monnappa in Bengaluru; Editing by Rashmi Aich

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