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Sensex, Nifty rise in line with broader Asia; Trump, Kim raise hopes

Reuters 

By Jessica Kuruthukulangara

(Reuters) - Indian shares rose on Tuesday, in line with broader Asia, after U.S. said a summit meeting with North Korea's Kim Jong Un had made "a lot of progress," raising hopes of a landmark deal to end the nuclear standoff on the

Asked by reporters how the historic talks were going, Trump said: "A lot of progress - really very positive. I think better than anybody could have expected. Top of the line, very good. We're going now for a signing."

MSCI's broadest index of shares outside was up 0.16 percent.

"The market is consolidating ahead of events and we are seeing sectoral rotation," said Deepak Jasani, at

Sentiment was a bit cautious before the release of data. is expected to have risen to a four-month high last month due to a surge in oil prices, a poll of economists showed.

"The street has already discounted inflation at 4.8-4.9 percent. If the number comes in at 5 percent or above, then we will probably see some sell-off," Jasani added.

The broader Nifty was up 0.40 percent at 10,829.80 as of 0610 GMT, while the benchmark BSE Sensex was 0.44 percent higher at 35,640.66. Both indexes were on track for a second consecutive session of gains.

and led gains on the index. Dr.Reddy's rose as much as 4.7 percent to its highest since April 24, while Lupin climbed up to 3.5 percent to a more than 2-month high.

The Nifty pharma index jumped as much as 2.2 percent to its highest since 8 and was on track for a fifth consecutive session of gain. The index has gained 7.5 percent so far this month after declining 9.3 percent in

"After a continuous and steep fall, valuations of pharma stocks have become attractive because of which there is some buying happening," Jasani said.

climbed as much as 5.5 percent after the drugmaker received final approval from the for its

fell as much as 5 percent to a record low after the bankruptcy court initiated insolvency proceedings against the firm.

(Reporting by in Bengaluru; Editing by Subhranshu Sahu)

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

First Published: Tue, June 12 2018. 11:57 IST
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