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Published on 11/12/2019 10:34:31 AM | Source: Reuters

Sensex, Nifty edge higher; IT stocks gain

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

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By Sethuraman N R

Indian shares edged up on Wednesday, drawing support from Asian markets, as investors chased value stocks in information technology, public sector enterprises and banking sectors.

The NSE Nifty 50 index rose 0.2% to 11,881 and the S&P BSE Sensex inched up 0.1% at 40,285.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4%.

The rupee was strong at 70.835, after hitting its highest since Nov. 6 to 70.815 earlier in the session.

"Most of the FMCG, banking stocks and public sector stocks have seen good amount of correction in the past few trading days and they become a value buy at current levels," said A.K Prabhakar, head of research at IDBI Capital.

India's second-most valuable company Tata Consultancy Services rose 1%, while Tech Mahindra rose 0.8%.

Shares of Yes Bank fell as much as 8.8% after the bank said on Tuesday it was still discussing a $1.2-billion offer from Canadian investor Erwin Singh Braich and Hong Kong-based SPGP Holdings as part of a $2-billion capital raise it announced last month.

(Reporting by Nallur Sethuraman in Bengaluru; editing by Uttaresh.V)