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Indian shares edge higher in volatile trade

Tuesday, 16 July 2019


Indian shares ticked higher in volatile trade on Tuesday in broad-based gains, while losses in IT stocks limited the upside.

The broader NSE index was up 0.37 per cent at 11,631.1 as of 0434 GMT, while the benchmark BSE index was 0.41 per cent higher at 39,056.99.

Broader Asian shares also rose as investors awaited U. retail sales data and corporate earnings to gauge the health of the world’s biggest economy, reports Reuters.

The rupee was largely unchanged at 68.55 against the dollar amid a pullback in oil prices, while the 10-year benchmark government bond yield slipped to 6.3996 per cent from last close of 6.4327 per cent.

Tata Motors Ltd, miner Vedanta Ltd and Oil and Natural Gas Corp were among the top gainers in the NSE index, climbing around 2.0 per cent each.

Tata Steel Ltd rose 1.7 per cent while power producer NTPC Ltd advanced 1.5 per cent.

Crisis-hit shadow bank Dewan Housing Finance Corporation Ltd (DHFL), which had fallen as much as 8.3 per cent, reversed course to trade around 5.0 per cent higher.

DHFL’s rival Indiabulls Housing Finance Ltd also swung around to trade marginally higher.

Meanwhile, Ashok Leyland Ltd fell as much as 3.8 per cent to a near four-week low after the automaker said it would close its Pantnagar plant for nine days due to weak demand and outlook for the industry.

Business sentiment in India in June was dragged to its lowest level since 2016 due to slowing economic growth, water shortage and regulatory hurdles, according to a survey by market research firm IHS Markit.

IT giant Tata Consultancy Services Ltd, down 2.0 per cent, was the biggest drag on the indexes. Nifty IT index was down 0.8 per cent.