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Indian shares edge up, consumer stocks lead
October 9, 2017 / 6:49 AM / 14 days ago

Indian shares edge up, consumer stocks lead

* NSE index up 0.1 pct, BSE index 0.13 pct higher

* Oriental Bank of Commerce down after RBI starts corrective action over bad loans

* July-Sept qtr expected to see weak corporate profit growth - analyst

By Samantha Kareen Nair

Oct 9 (Reuters) - Indian shares edged higher on Monday, continuing a steady recovery from recent losses, with consumer sector leading the way, but gains were capped as corporate results kick off later this week.

Analysts expect a weak performance in the July-September quarter, due to the impact of the withdrawal of higher-denomination currencies from circulation late last year and the rollout of a national goods and services tax on July 1.

Market heavyweights Tata Consultancy Services Ltd and Reliance Industries Ltd are scheduled to report their quarterly numbers this week.

“The Nifty may not be able to sustain at 10,000 level in the next half of October as reality dawns on the guidance which companies are expected to provide soon. We can see more stock and sector-specific moves in the near term,” said Sanjiv Bhasin, executive vice president, market and corporate affairs, IIFL.

The benchmark BSE index was up 0.13 percent while the broader NSE index was 0.1 percent higher by 0628 GMT.

Shares of consumer companies like ITC Ltd and Hindustan Unilever Ltd gained as much as 0.9 percent each.

The NSE bank index rose as much as 0.5 percent with IndusInd Bank being the top gainer on the index, climbing nearly 2 percent after two straight sessions of losses.

But Oriental Bank of Commerce Ltd, a state-run mid-sized lender, shed 4.3 percent after the central bank initiated “prompt corrective action” against the bank over its high amount of bad loans.

Adani Enterprises Ltd’s shares also lost over 4 percent after large protests were held across Australia on Saturday against the company’s proposed Carmichael coal mine on environmental concerns.

Jaiprakash Associates Ltd rose as much as 3.8 percent after the company approved transfer of certain assets and liabilities to unit Jaypee Infrastructure Development. (Reporting by Samantha Kareen Nair in Bengaluru; Editing by Gopakumar Warrier)

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