BENGALURU (Reuters) – Indian equity benchmarks edged higher on Tuesday, after declining for three straight sessions, buoyed by gains in top cement producer UltraTech Cement.
The benchmark S&P BSE Sensex rose 0.11% to 61,212.36, while the NSE Nifty 50 index gained 0.08% to 18,175.10.
UltraTech Cement led gains on the Nifty, rising as much a 2.4% to a near three-week high, while its parent Grasim Industries advanced 2.1%.
Indian markets are likely to be range-bound and not follow global cues ahead of state elections due in December, said AK Prabhakar, Head of Research, IDBI Capital.
Among individual sectors, the Nifty PSU Bank index, which tracks public sector lenders, advanced 1.3% and was set for its sixth day of gains.
Foreign institutional investors sold 15.94 billion Indian rupees ($195.11 million) worth of equities on Monday, while domestic investors bought 12.63 billion rupees ($154.59 million) of shares, per provisional NSE data.
NDTV fell over 4.6% as Adani launched an open offer to buy an additional 26% stake in the company. The offer price is 294 rupees, a discount of 23.07% on the last close.
Elsewhere in Asia, stock markets were downbeat on concerns over COVID-19 resurgence in China. [MKTS/GLOB]
($1 = 81.6990 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Dhanya Ann Thoppil and Eileen Soreng)
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