By Kenan Machado
MUMBAI--Indian shares rose marginally on Thursday in the absence
of any major drivers and caution amid investors ahead of The Bank
of England's meeting to review interest rates.
The S&P BSE Sensex ended 0.3% higher at 28,298.13. The
National Stock Exchange's Nifty index rose 0.2% to 8,588.65.
Markets traded in a range as there weren't any significant cues
to guide investors, said Jayant Manglik, president of retail
distribution, at Mumbai broker Religare Securities Ltd.
The Bank of England signaled it will slowly raise interest rates
early next year. This was in contrast to expectations that it would
quickly follow the U.S. Federal Reserve, which is widely expected
to raise rates in September.
Larsen & Toubro was the biggest gainer on the 30-stock
S&P BSE Sensex, closing up 2.7%, thanks to bargain-buying
following recent losses. Dr. Reddy's Laboratories rose 1.8% on the
back of its strategic collaboration with world biotechnology leader
Amgen Inc. (AMGN) to sell three drugs.
Tata Motors was also among the biggest gainers, climbing 1.6%, a
day ahead of its results.
ITC was the biggest loser on the Sensex, closing down 1.7%,
followed by Coal India, which was down 1.6%. Reliance Industries
fell 0.8%. ITC's stock has been falling since the company last
Thursday reported a modest 3.6% year-over-year rise in profit. Coal
India's lower production numbers and lower gas prices hurt
Reliance.
In the currency market, the rupee was trading at 63.77 against
the U.S. dollar in late-session spot-market trading, little changed
from Wednesday's close of 63.76.
-Write to Kenan Machado at kenan.machado@wsj.com
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