Equity indices edge higher on mixed Asian cues, ONGC top gainer

Equity benchmark indices ticked up marginally during early hours on Tuesday tracking similar trends in Asian markets.At 10:15 am, the BSE S&P Sensex was up by 411 points or 0.86 per cent at 48,294 while the Nifty 50 edged higher by 131 points or 0.91 per cent to 14,442.

Except for Nifty IT which dropped by 1.5 per cent, all other sectoral indices at the National Stock Exchange were in the green with Nifty PSU bank up by 3 per cent, private bank by 1.4 per cent, auto by 2.4 per cent and FMCG by 0.9 per cent.

Among stocks, energy major ONGC moved up by 4 per cent to Rs 102 per share. Bajaj Finserv and Bajaj Finance gained by 3.8 per cent and 2.6 per cent respectively.

The other prominent gainers were Mahindra & Mahindra, UPL and metal giants like JSW Steel, Hindalco, Tata Steel.

However, Tata Consultancy Services dropped by 3.3 per cent on profit booking. A day earlier, the IT software major had posted 15 per cent jump in its net profit for March quarter year-on-year at Rs 9,246 crore.

Tech Mahindra, Infosys, Dr Reddy’s, Cipla and Nestle India too were in the red with thin margins.

Meanwhile, Asia share markets were cautious after US markets weakened as investors anticipated the start of corporate earnings seasons.

MSCI’s broadest index of Asia-Pacific shares outside Japan was trading less than 0.1 per cent higher in early trading.

Japan’s Nikkei rose by 0.9 per cent while Hong Kong’s Hang Seng Index added 0.6 per cent. South Korea’s Kospi was 0.5 per cent higher.

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