Indian shares follow broader Asia higher; Ambuja Cements, ACC up
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BENGALURU - Indian shares inched higher on Monday as broader Asia tried to hold onto small gains after weak data from China showed that strict lockdowns hit the world's second-largest economy.
The NSE Nifty 50 index was up 0.54% at 15,868, as of 0353 GMT, while the S&P BSE Sensex rose 0.29% to 52,946.32. On Friday, both indexes logged their fifth straight weekly drop, marking their longest weekly losing streak since 2020.
Shares of Ambuja Cements and unit ACC rose 2.9% and 6.4%, respectively, after conglomerate Adani Group said it would buy Holcim AG's controlling stake in the companies.
Rivals UltraTech Cement and Shree Cement fell 2.5% and 1.8%, respectively, and were among the top losers on the Nifty 50 index.
Broader Asian shares struggled to sustain a minor rally after weak data from China underlined the deep damage lockdowns were doing to the world's second-largest economy. [MKTS/GLOB]
China's retail sales in April shrank 11.1% from a year earlier, the biggest contraction since March 2020, data from the National Bureau of Statistics showed.
