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Indian shares edge higher after three-day slide, Fed minutes eyed

BENGALURU, Nov 22 (Reuters) – Indian shares rose on Tuesday, after three straight sessions of losses, though they traded in a narrow range due to the lack of any major triggers and as investors were cautious ahead of fresh clues on the U.S. Federal Reserve’s future rate path.

The benchmark S&P BSE Sensex (.BSESN) rose 0.24% to 61,90.26, while the NSE Nifty 50 index (.NSEI) gained 0.23% to 18,202.35.

The indexes had declined around 1.3% over the last three sessions on concerns over a resurgence of COVID-19 cases in China and hawkish commentary from Fed officials on rate hikes.

The minutes of the Fed’s last meeting are due at 1900 GMT on Wednesday, with most traders betting on a 50-basis point (bps) hike in December after a raft of 75-bps increases.

“Investors will avoid large bets ahead of the minutes as they seek further clarity on the rate path, although markets have already priced in that the pace will come down,” said Anita Gandhi, director at Arihant Capital Markets.

Among stocks, UltraTech Cement (ULTC.NS) led gains on the Nifty, rising as much as 2.4% to a near three-week high, while its parent Grasim Industries (GRAS.NS) advanced 2.1%.

The Nifty PSU Bank index (.NIFTYPSU), which tracks public sector lenders, advanced 1.3% and was set for its sixth straight day of gains, with UCO Bank surging 14.5% to a three-year high.

Private sector lender IndusInd Bank (INBK.NS) climbed 2.4%.

Meanwhile, shares of digital payments firm Paytm’s parent One 97 Communications Ltd (PAYT.NS) fell as much as 10% to a record low of 483.20 rupees.

Shares of electronics manufacturer Kaynes Technology India Ltd (KAYN.NS) jumped as much as 34% in their market debut.

Elsewhere in Asia, stock markets were downbeat on concerns over COVID-19 resurgence in China.

Reporting by Bharath Rajeswaran in Bengaluru; Editing by Savio D’Souza

Our Standards: The Thomson Reuters Trust Principles.

Read More: Indian shares edge higher after three-day slide, Fed minutes eyed

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