Indian shares edge higher as banks gain; PNB Housing falls 3%

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

BENGALURU (Reuters) – Indian shares inched higher on Tuesday, helped by banking and financial stocks, while PNB Housing Finance dropped 3% after an Indian court restricted the company from disclosing the results of shareholder votes on a deal with a group of investors.

By 0345 GMT, the blue-chip NSE Nifty 50 index climbed 0.25% to 16,298 and the benchmark S&P BSE Sensex rose 0.27% to 54,552.06.

India’s Securities Appellate Tribunal (SAT) delivered a split verdict over PNB Housing Finance’s 400 billion rupee ($5.4 billion) share allocation to a group of investors led by Carlyle Group, a judgement seen by Reuters showed.

Nifty 50 components Coal India Ltd and Power Grid Corp LtdNS> are due to report earnings later in the day.

Meanwhile, Asian stocks started off on a weak footing, dragged by a largely soft performance on Wall Street and persistent concerns over the spread of the Delta coronavirus variant. [MKTS/GLOB]

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