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Sensex, Nifty edge up as global cues boost sentiment


By Paul

(Reuters) - Indian shares rose on Friday, led by gains in IT stocks such as Tech Mahindra Ltd, as global sentiment improved after U.S. agreed to meet North Korean leader

Domestic shares tracked broader which rallied on of the first U.S.- summit after offered to stop nuclear and missile testing.

MSCI's broadest index of shares outside was up 0.56 percent.

However, analysts feel that domestic markets have largely discounted global cues, but added that the uncertainty around the tariff on and aluminium imports proposed by Trump could have a short-term impact on companies.

"I would definitely avoid stocks at the moment because of global uncertainties but also the valuations are too high," said Rudramurthy, at

Authority of India Ltd and Ltd were down 4.4 percent and 1.7 percent, respectively.

Trump on Thursday set import tariffs of 25 percent on and 10 percent on aluminium, but exempted and and offered the possibility of excluding other allies.

"I would bet on IT stocks, especially mid-caps, because valuations are low and strong earnings are expected," added.

The index was up 0.6 percent with Tech Mahindra trading 1.6 percent higher. was up 0.8 percent.

The Nifty was up 0.17 percent at 10,260 as of 0608 GMT, while the Sensex was 0.12 percent higher at 33,390.51.

Both the indexes are down nearly 2 percent for the week and are on track for their biggest weekly fall in four.

Construction firm fell as much as 6.4 percent to 252.70 rupees on its market debut.

hit lower circuit of 20 percent after the company said the impact of Aircel's insolvency will be materially adverse for the company.

(Reporting by Paul in Bengaluru; Editing by Vyas Mohan)

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

First Published: Fri, March 09 2018. 12:05 IST