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Sensex, Nifty rise; Reliance Industries, ICICI Bank lead

Reuters 

By Krishna V Kurup

(Reuters) - Indian shares rose on Monday, tracking gains in Asian peers after favourable U.S. jobs data boosted risk appetite, with heavyweights and driving the indexes higher.

The U.S. payrolls report on Friday showed strength in the world's biggest economy, as it created more jobs than expected in June, but steady wage gains pointed to moderate inflation pressures that should keep the Federal Reserve on a path of gradual interest rate increases this year.

Asian shares were higher, with MSCI's broadest index of shares outside climbing 1.4 percent.

"Confluence of global stability, a sense that the rupee has bottomed and current valuations (of stocks) are holding the market up," Harendra Kumar, at securities said.

The broader NSE Nifty was up 0.59 percent at 10,836.10 as of 0620 GMT while the benchmark BSE Sensex rose 0.61 percent to 35,874.81.

For the last few weeks the U.S.-trade tiff kept markets in check. However, investors are now shifting their focus to corporate earnings starting with India's biggest (TCS) reporting quarterly results on Tuesday.

Shares in rose 1.2 percent and gained 1.4 percent while TCS slipped 1.4 percent.

rose more than 2 percent after the company reported an 8 percent rise in quarterly domestic production.

Shares of gained as much as 5.7 percent on reports that Malaysia's is likely to acquire control of the

cable maker climbed as much as 6.6 percent after it said on Friday its unit has agreed to buy Italy's Metallurgica Bresciana for about 47 million euros.

(Reporting by Krishna V 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: Mon, July 09 2018. 12:13 IST
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