Consumer, IT firms lead Indian shares higher
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
Indian shares opened higher on Tuesday, having fallen more than 4% in the past four sessions, led by gains in consumer and IT companies.
The NSE Nifty 50 index rose 0.46% to 17,110 as of 0351 GMT, while the S&P BSE Sensex gained 0.6% to 57,463.41. On Monday, both indexes fell more than 1.5%.
The Nifty FMCG index gained 1.1%, while the IT index rose 1%.
Shares of India's Oil and Natural Gas Corp advanced 2.6% after Reuters reported that the explorer has got a better price for oil under new rules that allow producers marketing freedom.
Mahindra Logistics shares rose 4.5% after the company said it will sell its enterprise mobility business to its unit for 361.2 million rupees and buy Rivigo's B2B Express business for 2.25 billion rupees.
Foreign institutional investors sold a net of 51.01 billion Indian rupees ($625.1 million) worth Indian equities on Monday as per provisional data available with the National Stock Exchange. ($1 = 81.6100 Indian rupees)
(Reporting by Nallur Sethuraman in Bengaluru; Editing by Savio D'Souza)
