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Indian Shares Edge Up On UltraTech Cement Boost

The benchmark S&P BSE Sensex rose 0.11 per cent to 61,212.36, while the NSE Nifty 50 index gained 0.08 per cent to 18,175.10

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Indian equity benchmarks edged higher on Tuesday, after declining for three straight sessions, buoyed by gains in top cement producer UltraTech Cement.

The benchmark S&P BSE Sensex rose 0.11 per cent to 61,212.36, while the NSE Nifty 50 index (.NSEI) gained 0.08 per cent to 18,175.10.

UltraTech Cement led gains on the Nifty, rising as much a 2.4 per cent to a near three-week high, while its parent Grasim Industries advanced 2.1 per cent.

Indian markets are likely to be range-bound and not follow global cues ahead of state elections due in December, said AK Prabhakar, Head of Research, IDBI Capital.

Among individual sectors, the Nifty PSU Bank index, which tracks public sector lenders, advanced 1.3% and was set for its sixth day of gains.

Foreign institutional investors sold 15.94 billion Indian rupees ($195.11 million) worth of equities on Monday, while domestic investors bought 12.63 billion rupees ($154.59 million) of shares, per provisional NSE data.

NDTV fell over 4.6 per cent as Adani launched an open offer to buy an additional 26 per cent stake in the company. The offer price is Rs 294, a discount of 23.07 per cent on the last close.

Elsewhere in Asia, stock markets were downbeat on concerns over COVID-19 resurgence in China.

(Reuters)


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