By Chris Thomas
BENGALURU (Reuters) -Indian shares inched up in a narrow range on Tuesday, buoyed by gains in HDFC Life Insurance, although interest rate worries kept investors on edge.
The blue-chip Nifty index was up 0.21% at 18,730.9 as of 10:22 a.m. IST, while the S&P BSE Sensex rose 0.21% to 63,099.93.
However, the Nifty midcap 100 and the Nifty smallcap 100 indexes continued to outperform larger peers, rising about 0.7% each.
The top Asian indexes were also shaky as a confluence of rate worries, China’s shaky economic recovery and political developments in Russia kept investors on edge. [MKTS/GLOB]
“This is going to be largely an unexciting week for large-cap stocks, amid global cues, as valuations have run up and heavyweight banking and IT stocks are not in favour,” said Aishvarya Dadheech, an equity fund manager.
“A lot of investors who were waiting on the sidelines will jump into smallcap stocks going forward.”
The Nifty failed to breach an all-time high last week while the Sensex eased after hitting a record high, weighed down by hawkish central bank commentary.
On Monday, foreign institutional investors dumped a net 4.09 billion rupees ($50 million) worth of Indian equities, while domestic investors bought 2.5 billion rupees worth, NSE data showed.
Among stocks, HDFC Life Insurance was the top gainer on the Nifty 50, rising as much as 4.2% before paring some gains.
Aditya Birla Capital climbed as much as 2.6% on plans to raise $213 million through a share sale.
The Nifty Realty index was the best-performing subindex, rising as much as 1.5%, helped by a 4% jump in Macrotech Developers.
The Nifty Metal index rose 1%.
(Reporting by Chris Thomas in Bengaluru; Editing by Nivedita Bhattacharjee and Savio D’Souza)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.
Source: The Print
