INDIA STOCKS Consumer, IT firms lead Indian stocks higher – Reuters

A general view of the Bombay Stock Exchange (BSE), after Sensex broke above the 50,000 level for the first time, in Mumbai, India January 21, 2021. REUTERS/Francis Mascarenhas

BENGALURU, Sept 27 (Reuters) – Indian stocks opened higher on Tuesday, after falling more than 4% in the past four sessions, led by gains in consumer and information technology companies.

The NSE Nifty 50 Index (.NSEI) rose 0.46% to 17,110 at 0351 GMT, while the S&P BSE Sensex (.BSESN) gained 0.6% to 57,463.41. On Monday, both indexes fell more than 1.5%.

The Nifty FMCG index (.NIFTYFMCG) gained 1.1%, while the IT index (.NIFTYIT) rose 1%.

Shares of India’s Oil and Natural Gas Corp (ONGC.NS) rose 2.6% after Reuters reported the explorer had secured a better price for oil under new rules that allow producers to trade freely. Read more

Shares of Mahindra Logistics (MALO.NS) rose 4.5% after the company announced it would sell its enterprise mobility business to its unit for Rs 361.2 million and buy the B2B business Express from Rivigo for 2.25 billion rupees.

Foreign institutional investors on Monday sold a net amount of 51.01 billion Indian rupees ($625.1 million) worth of Indian stocks, according to preliminary data available from the National Stock Exchange. ($1 = 81.6100 Indian rupees)

Reporting by Nallur Sethuraman in Bangalore; Editing by Savio D’Souza

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