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Indian shares inch up on gains in IT stocks

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BENGALURU — Indian shares edged higher on Friday as gains across tech stocks offset losses in the banking sector, while global markets were mixed over recession worries in Europe.

The NSE Nifty 50 index was up 0.07% at 17,976.5 as of 0355 GMT, while the S&P BSE Sensex edged up 0.09% at 60,350.29.

India on Thursday raised taxes on fuel exports after cutting them a little over two weeks ago, and slashed a windfall tax on locally produced crude oil, according to a government notification.

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Shares of oil-to-telecoms conglomerate Reliance Industries Ltd fell 0.6%.

Oil producer Oil and Natural Gas Corp and miner Vedanta Ltd were up 1.3% and 0.5%, respectively.

The Nifty IT index was up nearly 1%, while the Nifty Bank index fell 0.26%.

Asian shares were left in limbo, while the U.S. dollar made all the running as recession clouds loomed over Europe, highlighting the relative outperformance of the U.S. economy.

MSCI’s broadest index of Asia-Pacific shares outside Japan eased 0.3%, and Chinese blue chips were flat, while South Korea lost 0.5%. Japan’s Nikkei fared better with a 0.3% gain due in part to a renewed slide in the yen. (Reporting by Tanvi Mehta in Bengaluru Editing by Dhanya Ann Thoppil)

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