July 17, 2018 / 6:46 AM / a month ago

Indian shares edge up; oil refiners, airlines gain

* NSE index up 0.23 pct, BSE index up 0.13 pct

* HPCL, IOC top pct gainer on NSE index

* Hindustan Unilever falls on Q1 miss

By Krishna V Kurup

July 17 (Reuters) - Indian shares rose on Tuesday as oil companies such as Hindustan Petroleum Ltd gained on lower oil prices, but weakness in consumer stocks including Hindustan Unilever Ltd capped gains.

The broader NSE index was up 0.23 percent at 10,962.20 as of 0634 GMT while the benchmark BSE index was trading 0.13 percent higher at 36,372.17.

Shares of oil companies and airlines jumped, with the Nifty Energy index rising as much as 1.6 percent.

“Oil-dependent stocks have seen some buying and declining oil prices are generally beneficial to OMCs, aviation stocks,” said Anand James, chief market strategist at Geojit Financial Services.

Oil prices extended losses on Tuesday after a more than 4 percent slide to hit a three-month low on Monday.

Shares of Hindustan Petroleum Corp and Indian Oil Corp Ltd gained 4.1 percent and 3.5 percent, respectively and were the top gainers on the NSE index.

Aviation stocks Interglobe Aviation Ltd and SpiceJet Ltd rose 1.9 percent each.

“Mid-cap stocks are also pulling their way through as we are seeing some renewed broad-based buying there,” James added.

Nifty Mid cap 50 Index gained 1.6 percent.

Consumer goods maker Hindustan Unilever dropped as much as 3.9 percent after posting June-quarter results below market expectations.

Analysts said it would be difficult for the company to maintain the pace of margin expansion at a time when global consumer companies are facing risk of disruptions from smaller rivals nibbling at their market share.

Meanwhile, Broader Asian shares fell, with MSCI’s broadest index of Asia-Pacific shares outside Japan trading 0.37 percent lower. (Reporting by Krishna V Kurup in Bengaluru; Editing by Vyas Mohan)

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