Indian shares rise as financials rebound

  • Reuters
  • Stock Market News
Indian shares rise as financials rebound
Credit: © Reuters.

* NSE index up 0.24 pct, BSE index 0.38 pct higher

* Ircon stumbles on trading debut

* Infibeam plunges 58 pct

*

By Arnab Paul

Sept 28 (Reuters) - Indian shares tracked broader Asian peers higher on Friday, helped by a recovery in financial stocks, but caution ahead of the Reserve Bank of India's policy meeting next week capped gains.

Shares in Asia inched higher, following gains on Wall Street overnight after news of robust U.S. economic growth, with the chairman of the Federal Reserve saying the United States does not face a large chance of near-term recession. MKTS/GLOB

MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was up 0.13 percent.

Domestic shares have been under pressure, with the Nifty 50 index shedding 4.7 percent in the last eight sessions, after concerns over bad debt in non-banking financial companies triggered a broad sell-off.

Investors found little cheer even after the government raised import tariffs on select goods and the central bank announced measures to ease liquidity concerns earlier this week. think the markets will look to the RBI policy meet next week," said Vinod Nair, head of research at Geojit Financial Services.

The central bank is likely to raise interest rates in its October 5 policy meeting, despite relatively tame inflation, to prop up a retreating rupee, according to a Reuters poll of economists. broader NSE index .NSEI was up 0.24 percent at 11,003.95 as of 0555 GMT, while the benchmark BSE index .BSESN was 0.38 percent higher at 36,461.54.

"Support on Nifty on a one-year forward basis is 10,750," Nair added.

Financials were among the top gainers with Housing Development (NS: HDIL ) and Finance Corp HDFC.NS and State Bank of India Ltd SBI.NS rising 2.2 percent and 2.5 percent, respectively.

Private-sector lender Yes Bank Ltd YESB.NS , down 6 percent, was the top percentage loser on the NSE index.

Shares of Gujarat State Petronet Ltd GSPT.NS and GAIL (India) Ltd GAIL.NS rose 4.05 percent and 6.35 percent, respectively, after Petroleum & Natural Gas Regulatory Board raised tariff for certain pipelines. the decliners, e-commerce company Infibeam Avenues Ltd IFIB.NS plunged 58.2 percent to its lowest since Nov. 9, 2016. of state-run construction company Ircon International Ltd IRCN.NS fell as much as 13 percent on its trading debut after a 4.70-billion-rupee ($64.77 million) initial public offering. = 72.5700 Indian rupees)

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