Indian shares drift higher; Fortis Healthcare gains

Indian shares edged higher for a second day on Wednesday, tracking broader Asian shares, but caution remained ahead of the global central bankers meeting later this week.

india trader
Reuters

Indian shares edged higher for a second day on Wednesday, tracking broader Asian shares, but caution remained ahead of the global central bankers meeting later this week.

At 0600 GMT, the S&P BSE Sensex gained 0.47 percent at 31,437 while the broader NSE Nifty advanced 0.40 at 9,804.

Among the other top index gainers: Dr Reddy's rose 2.6 percent, Bharti Airtel gained 2 percent, NTPC added 2 percent while Adani Ports was up 1.6 percent.

DLF rose 3 percent after the realty firm said its board would meet on August 25 to review the status of the proposed sale of compulsorily convertible preference shares to GIC.

Fortis Healthcare gained 4 percent after Rekha Jhunjhunwala, wife of investor Rakesh Jhunjhunwala, bought about 0.9 percent stake in the company via bulk deal.

Indo Count Industries added 2 percent after the company denied rejection of orders by its customers.

Market breadth was in the favour of gainers, with about 2 stocks advancing to every 1 stock that declined.

Asian stocks steadied, taking a breather after the previous day's surge.

MSCI's broadest index of Asia-Pacific shares outside Japan pulled back to stand little changed following a 0.7 percent rally on Tuesday.

Hong Kong's trading session was canceled for the day as a typhoon roiled the city.

Markets are focusing on the annual conference of global central bankers hosted by the Kansas City Federal Reserve Bank at Jackson Hole, Wyoming.

Fed Chair Janet Yellen and European Central Bank President Mario Draghi will be among the officials addressing the summit, which kicks off on Thursday.

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