Sensex rises; Tata Motors rallies on JLR sales

Last Updated: Tue, Jan 10, 2017 13:36 hrs
A broker laughs while speaking to a colleague, as they trade on their computer terminals at a stock brokerage firm in Mumbai

Indian shares rose on Tuesday with Tata Motors surging after unit Jaguar Land Rover reported strong sales for 2016 and as recent underperformers recovered, although broader sentiment was cautious ahead of corporate results.

The broader NSE index is up 0.61 percent so far this year, but has moved in a narrow range as investors wait to see how earnings shape up in the latest quarter, given fears about the economic impact from India's move to ditch higher-value notes.

Sentiment was also subdued ahead of India's budget, scheduled on Feb. 1, and caution ahead of key global events such as Donald Trump's swearing-in as U.S. president later this month.

"Markets are consolidating like they have been in the past couple of weeks and are in a very narrow range as they wait for the quarterly results and for Donald Trump to take over as president of the U.S," said Dipen Shah, senior vice president, public client group research, Kotak Securities.

The broader NSE Nifty was up 0.46 percent at 8,274.15 as of 0620 GMT.

The benchmark BSE Sensex was 0.51 percent higher at 26,863.66.

Tata Motors surged 2.64 percent after earlier hitting its highest since Nov. 11 as JLR said on Monday sales rose 20 percent to a record last year.

Hero Motocorp rose as much as 0.93 percent after declining in the previous two sessions.

Among other gainers, Max Ventures and Industries jumped as much as 17.5 pct to 79.40 rupees, its highest since July 8. The company said it will sell 22.5 pct stake to unit of New York Life Insurance Co for 1.21 bln rupees ($17.79 mln)

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