By Dow Jones Business News,
July 15, 2014, 07:32:00 AM EDT
By Kenan Machado
MUMBAI--Indian shares closed higher taking cues from international markets and on the back of better-than-expected
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 email@example.com
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