Indian shares inch up on trade deal optimism

  • Reuters
  • Stock Market News
Indian shares inch up on trade deal optimism
Credit: © Reuters.

* NSE index up 0.13%, BSE index 0.19% higher

* Yes Bank top gainer on the NSE index

* Indian Overseas Bank slides after quarterly loss

By Chandini Monnappa

BENGALURU, Nov 5 (Reuters) - Indian shares extended gains on Tuesday on increasing hopes of a trade truce between the United States and China, while optimism around solid, consumer-driven economic growth in the U.S. aided sentiment.

The NSE Nifty 50 Index .NSEI inched up 0.13% at 11,956.05, as at 0350 GMT, while the S&P BSE Sensex index .BSESN rose 0.19% to 40,385.03.

MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS ticked up 0.1% after hitting a four-month high in the previous session. MKTS/GLOB

In the United States, all three major stock indexes posted record closing highs on Monday, after U.S. officials indicated that a trade deal with China could be signed this month .N

In domestic markets, private sector lender Yes Bank Ltd YESB.NS was the top gainer on the NSE index, rising as much as 8.84% to its highest since Oct. 31.

This pushed the Nifty Private bank index .NIFPVTBNK 0.3% higher.

The Nifty PSU Bank index .NIFTYPSU , which tracks the country's state-run lenders, advanced 0.5%. It was on track for an eighth straight session of gains, with shares of Allahabad Bank ALBK.NS gaining as much as 1.81%.

The Nifty auto index .NIFTYAUTO rose as much as 0.62%, with shares of Tata Motors Ltd TAMO.NS rising over 1.5%.

Mahindra and Mahindra's MAHM.NS shares were flat after the company said it will recall a limited batch of XUV300 vehicles to fix a faulty suspension component. Prime Minister Narendra Modi said on Monday that India will not join a China-led regional trade pact as it failed to address Delhi's concerns over market access. losers, shares of Bharat Electronics Ltd BAJE.NS fell as much as 4.94%, its lowest in nearly two weeks, after the firm reported a drop in quarterly profit on Monday. Overseas Bank IOBK.NS slid over 14% after the bank posted a wider quarterly loss. Nifty IT index .NIFTYIT inched lower, with shares of software services firm Tata Consultancy Services Ltd TCS.NS shedding over half a percent.

The FMCG index .NIFTYFMCG , which tracks fast-moving consumer goods, was down 0.56%. Shares of Dabur India Ltd DABU.NS fell 0.67%. The company will report quarterly numbers later in the day.

Tech Mahindra Ltd TEML.NS and PNB Housing Finance Ltd PNBH.NS rose 0.65% and 2.57%, respectively. Both companies will report quarterly results later in the day.

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