Markets

Sensex, Nifty Open Higher On Global Cues

(RTTNews) - Indian shares opened higher on Tuesday, mirroring positive global cues after both China and the United States said top-level trade representatives had held constructive talks over the future of the Phase 1 trade deal.

The benchmark S&P BSE Sensex rose 154 points, or 0.4 percent, to 38,953 in early trade, while the broader NSE Nifty index was up 45 points, or 0.39 percent, at 11,511.

Punjab National Bank edged up slightly. The state-run lender said about 5-6 percent of its loan book may be eligible for a one-time debt restructuring.

HDFC Bank rose about half a percent. CEO-designate Sashidhar Jagdishan said the bank's gross non-performing assets on account of the loan moratorium could widen from the current 1.36 percent, but will still be below the 2.08 percent seen during the 2008 global financial crisis.

Axis Bank advanced 1.5 percent after it announced a revised deal to acquire stake in Max Life Insurance.

Allcargo Logistics soared 20 percent on delisting news.

ONGC was moving lower on fund raising reports.

ICICI Bank rose over 1 percent. Data showed that Societe Generale on Monday offloaded shares of the private sector lender worth nearly Rs 341 crore through an open market transaction.

Bharti Airtel gained about half a percent. Chairman Sunil Bharti Mittal on Monday hinted at an increase in mobile services prices in the next six months, saying that 16 GB data consumption a month for $2 is not sustainable.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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