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Indian shares end higher in volatile trading


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BENGALURU — Indian shares closed higher on Tuesday, swinging between gains and losses through the session, while IT stocks continued to weigh on sentiment.

The NSE Nifty 50 index ended 0.5 % higher at 17,577.5, after falling as much as 0.8% in the session.

The S&P BSE Sensex rose 0.4% to 59,031.3.

The Nifty 50 index had risen 4.6% this month until Aug. 18, after which investors began to book profits. The index shed 2.6% in the previous two sessions.

“This could be a pullback rally before derivative settlement on Thursday,” said AK Prabhakar, head of research at IDBI Capital.

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“We need to give it time to see if this recovery will sustain.”

India’s Nifty Auto index gained 1.8%. Mahindra and Mahindra rose 3.8% and Eicher Motors ended 3% higher.

Banks rose, with the Nifty Bank index closing the session 1% higher.

IT stocks stood out as laggards, with the Nifty IT index falling 1.7%.

Infosys Ltd fell 2.1% and was the top percentage loser on the Nifty 50 index, after a media report said the IT major had reduced average variable payout to 70% for the first quarter on margin pressure.

Global sentiment was bearish, as weakening economies in Germany and France piled more pressure as decades-high inflation and surging gas prices dragged Europe towards recession, pushing the euro to a 20-year low against the dollar.

(Reporting by Tanvi Mehta in Bengaluru; Editing by Neha Arora and Krishna Chandra Eluri)


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