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Sensex edges up; Reliance Industries leads


By Krishna V Kurup

- Indian rose a wee bit on Thursday, led by of refiners such as Industries Ltd and Hindustan Petroleum Corp Ltd as prices fell overnight after they hit a more than two-year high earlier in the week.

prices settled slightly lower on Wednesday after U.S. government data showed rising domestic crude production, a surprise build in U.S. stockpiles and a decline in monthly Chinese crude imports, a triple blow that was offset somewhat by rising tensions in the Middle East.

The broader NSE Nifty was 0.12 percent higher at 10,315.55 as of 0550 GMT, while the benchmark BSE rose 0.13 percent to 33,263.24.

"Markets have started reacting to crude prices," said Krish Subramanyam, co-head - Equity Advisor at Altamount Capital Management.

Energy accounted for most of the gains on the Nifty, with the Nifty energy index rising 0.9 percent.

Industries, which rose 2.1 percent, was the top percentage gainer on both the indexes. Hindustan Petroleum, which is due to report second quarter results later in the day, was 1.7 percent higher.

Petronet LNG Ltd rose as much as 5.6 percent, buoyed by a 28.1 percent increase in Sept-quarter profit.

Adhesives maker Ltd climbed 2.8 percent after posting a 9 percent increase in Sept-quarter profit, beating analysts' expectations.

Rising bond yields were, however, dragging banking down, Subramanyam said.

Housing Development Finance Corp Ltd was down 1.8 percent, while IndusInd Bank Ltd traded 0.6 percent lower.

"These are not very good indications for the market. Broadly, market might be heading for some correction," he said.

(Reporting by Krishna V Kurup in Bengaluru; Editing by Biju Dwarakanath)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, November 09 2017. 11:56 IST