India Shares Close Higher on Global Cues, Positive Economic Data

By Dow Jones Business News, 
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By Kenan Machado

MUMBAI--Indian shares closed higher taking cues from international markets and on the back of better-than-expected macroeconomic data.

The S&P BSE Sensex ended up 0.8% at 25204.45 points. The National Stock Exchange's Nifty index closed up 1% to close at 7,526.65 points.

Asian markets moved higher on Tuesday after an upbeat overnight session in the U.S. and ahead of data from China.

"Investors bought back into the market after the correction in past weeks," Nirmal Bang Securities Ltd. head of equity retail research Sunil Jain said. Domestic macroeconomic data helped, too, he said.

On Monday wholesale inflation eased to its lowest in four months in June. Data on Friday showed India's industrial output grew at its strongest in 19 months in May.

Positive economic data helped boost banking stocks, Mr. Jain said. State Bank of India ended up 4.5%, ICICI Bank Ltd. ended up 3.4% while Axis Bank Ltd. ended up 2.8%. Besides banks, manufacturing companies like Bharat Heavy Electricals Ltd. ended up 4.3% while Tata Steel Ltd. ended up 2.9% and Mahindra & Mahindra Ltd. closed up 2.6% on investor hopes that production will increase.

In the currency market a dollar was buying 60.14 rupees compared with 60.07 rupees at Monday's close.

Write to Kenan Machado at kenan.machado@wsj.com

Subscribe to WSJ: http://online.wsj.com?mod=djnwires


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