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Published on 17/07/2019 9:43:16 AM | Source: Reuters

Nifty, Sensex inch up in lacklustre trade

Posted in Stock Market| #Sensex #Stock Market #NSE #BSE #Nifty

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By Chris Thomas

Indian shares edged up in lacklustre trade on Wednesday, amid pressure in broader Asian markets, with gains in some large cap stocks helping the indexes.

The broader NSE Nifty traded up 0.27% at 11,694.5 by 0515 GMT, and the benchmark BSE Sensex rose 0.31% to 39,252.77.

Broader Asian shares drifted off as investors awaited more earnings reports from corporate America, while the dollar held firm, driving the Indian rupee about 0.2% lower.

A threat from U.S. President Donald Trump to put tariffs on another $325 billion of Chinese goods also added to the jitters in the global market.

The 10-year benchmark government bond yield fell to 6.2496%, its lowest since Dec. 2016, from previous close of 6.3316%.

Meanwhile, shares of Yes Bank Ltd rose as much as 4.48%, while Wipro Ltd rose as much as 1.08%. Both companies are due to post first quarter results later in the day.

Agrochemical and crop protection firm UPL Ltd climbed 3.6%, while Kotak Mahindra Bank Ltd advanced 2.4% to a near six-week high.

Shares of drug maker Strides Pharma Science Ltd plunged 8.1% to a near one-year low after the U.S. Food and Drug Administration said it found adulteration and significant violations of regulations at the company's plant in south India.

Strides' larger rival Dr.Reddy's Laboratories Ltd was among the top losers on the NSE Nifty, falling as much as 1.3%.

DCB Bank Ltd dropped 14.2% in its sharpest intraday fall since Nov. 2016 after the lender's asset quality deteriorated during the June quarter.

(Reporting by Chris Thomas in Bengaluru; editing by Uttaresh.V)