Indian shares rise on auto, telecom boost ahead of cabinet meeting

Force Motors

15/09/2021 05:13

BENGALURU, Sept 15 (Reuters) - Indian shares edged higher on
Wednesday, boosted by gains in some energy stocks, while
automobile and telecom companies jumped after local media
reported that the government was considering incentives and
financial relief for the sectors.
    The blue-chip NSE Nifty 50 index  .NSEI  was 0.19% higher at
17,412.60 by 0355 GMT, and the benchmark S&P BSE Sensex  .BSESN 
rose 0.18% to 58,358.53.
    Auto stocks  .NIFTYAUTO  rose 0.47% on reports https://www.livemint.com/news/india/cabinet-to-take-up-incentives-for-the-auto-industry-on-wednesday-11631595360311.html
 that the government would likely consider production-linked
incentive scheme for specific segments of the sector in a
cabinet meeting.
    Debt-laden telecom company Vodafone Idea  VODA.NS  advanced
about 3% and bigger rival Bharti Airtel  BRTI.NS  rose 1.4%
after a separate report https://timesofindia.indiatimes.com/business/india-business/cabinet-may-consider-relief-package-for-telecom-sector-on-wednesday/articleshow/86202143.cms
 that the union cabinet could consider financial relief measures
for the telecom sector in a meeting.
    Oil and Natural Gas Corp  ONGC.NS  rose sharply, adding over
4% and was the top gainer on the Nifty 50 index. 
    Zee Entertainment Enterprises  ZEE.NS  extended a rally to a
second session to rise 10%. On Tuesday the stock soared 40%
ahead of a shareholders meeting.  urn:newsml:reuters.com:*:nL4N2QG1P8
    Shares in broader Asia were lower after weak Chinese
economic data sparked worries of slowing growth globally.
 MKTS/GLOB 

 (Reporting by Soumyajit Saha in Bengaluru; editing by
Uttaresh.V)
 ((Soumyajit.Saha@thomsonreuters.com;))