Indian shares tick higher; Tata Steel jumps

Published: April 26, 2019 14:06:37 | Updated: April 29, 2019 14:27:57

File photo (Collected)

Indian shares ticked higher on Friday as a volatile week draws to a close, with Tata Steel Ltd climbing the most in 14 months after the steelmaker beat expectations for quarterly profit.

The broader Nifty rose 0.26 per cent to 11,672.6 as of 0559 GMT, while the benchmark Sensex added 0.17 per cent at 38,798.59. The indexes were, however, set for their worst week since mid-February.

The stock market swung between gains and losses this week as corporate results trickled in, while a spike in oil prices pressured shares and the rupee, reports Reuters.

Tata Steel, up 7 per cent, was the top percentage gainer on the indexes on Friday. Tata Steel’s rival JSW Steel Ltd climbed 4.3 per cent in its sharpest intraday gain since Feb. 12.

Axis Bank Ltd shares rose 3.3 per cent after the private-sector lender reported an improvement in asset quality. Morgan Stanley said big asset-quality worries were likely over for the bank.

Index-heavy IT stocks Infosys Ltd and Tata Consultancy Services Ltd rose about 1.4 per cent each, and were among the top boosts to the indexes.

Maruti Suzuki India Ltd fell for a sixth straight session, capping the market’s gains. The stock fell 2.3 per cent to its lowest in nearly a month on Friday.

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