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Indian Shares Inch Higher on Metals, Consumer Stocks Boost

BENGALURU (Reuters) - Indian shares rose marginally on Monday, helped by consumer and metal stocks, while investors awaited earnings reports from a slew of corporate heavyweights including Tata Motors.

By 0523 GMT, the blue-chip NSE Nifty 50 index climbed 0.12% to 15,874.65 and the benchmark S&P BSE Sensex rose 0.12% to 53037.92.

Apart from Tata Motors, investors are also waiting for three other big Nifty 50 companies - Axis Bank, Larsen and Toubro and Kotak Mahindra Bank - to report their quarterly results.

“The market is likely to be rangebound, with corporate results from the previous few days likely having little impact,” said Gaurav Garg, head of research at CapitalVia Global Research, Indore.

Shares of Jindal Steel & Power rose to a more than two-month high, helping the metals index rise 0.4%, after the company got a revised offer of 74.01 billion rupees ($993.96 million) from Worldone for a proposed stake sale in unit Jindal Power Ltd.

Zomato Ltd gained 2.6%, a session after the food delivery start-up surged 65.8% in its stock market debut.

ITC Ltd climbed as much as 1.3% after the cigarettes-to-hotel conglomerate reported a 28.6% rise in its quarterly standalone net profit. The consumer goods index was up about 0.4%.

ICICI Bank advanced as much as 1.1%, aiding the bank index firm 0.09%, after the lender posted a near 78% jump in June-quarter net profit and 2.3% rise in interest earned.

Reliance Industries was down 0.7% after it reported a 58% jump in quarterly revenue, led by a strong show at its oil and gas business, but said footfall at its retail network fell as the second wave of COVID-19 ravaged the country.

Asian shares skidded to seven-month lows as regulation concerns upended Chinese equities and strong U.S. corporate earnings sucked funds out of emerging markets into Wall Street.

Reporting by Vishwadha Chander in Bengaluru; Editing by Subhranshu Sahu

Source: Reuters

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