India Shares Up As Financials Gain Ahead Of Derivatives Expiry
Indian shares rose on Thursday, led by gains in financial stocks ahead of the expiry of monthly derivative contracts, while investors waited for clues on future rate hikes in the US from a key Federal Reserve event.
The NSE Nifty 50 index was 0.5 per cent higher at 17,693.9, as of 0507 GMT, while the S&P BSE Sensex gained 0.5 per cent at 59,390.6.
"Despite fragile global economic cues, Indian markets have been steady. We have seen strength at lower levels... We can expect volatility ahead of the F&O expiry," said Siddharth Khemka, head of retail research at Motilal Oswal Financial Services.
Mid-cap stocks have been an active participant in the Indian market recently, with the Nifty Mid-cap 100 index rising 4.5 per cent so far this month. The index was up 0.6 per cent on Thursday.
Nifty PSU Bank index was up 2.2 per cent, with top lender State Bank of India climbing 1.1 per cent.
SBI Life Insurance was the top gainer on Nifty 50, up 2.2 per cent.
India's central bank will look for cues from Fed Chair Jerome Powell's remarks at the Jackson Hole symposium on Friday about the pace of future rate hikes, Motilal's Khemka said.
Ahead of the symposium, Asian shares rose and Wall Street ended higher on Thursday.
Meanwhile, consumer stocks rose in India, led by a 1.3 per cent gain in Hindustan Unilever.
Bharti Airtel rose as much as 2 per cent after Singapore Telecommunications Ltd said it would sell a 3.3 per cent stake in the carrier to Bharti Telecom for an aggregate consideration of about $1.61 billion.
(Reuters)
