November 13, 2019 / 4:33 AM / a month ago

Indian shares inch up ahead of cabinet meeting, inflation data

* NSE index up 0.2%, BSE index rise 0.1%

* Britannia Industries gains as much as 5.72%

By Sethuraman N R

Nov 13 (Reuters) - Indian shares inched up slightly on Wednesday, led by gains in some banking and public sector undertaking stocks as investors awaited the outcome of a cabinet meeting and retail inflation data due later in the day.

Asian stocks and Wall Street futures fell on Wednesday, as growing worries that U.S.-China trade talks are stalling and concern about intensifying unrest in Hong Kong hurt demand for risky assets.

India’s industrial output fell at the fastest pace in over six years in September, adding to a series of weak indicators that suggests the country’s economic slowdown is deep-rooted and interest rate cuts alone may not be enough to revive growth.

“Investors are expecting details about stake sale in some PSUs from today’s cabinet meeting,” said A.K. Prabhakar, head of research at IDBI Capital in Mumbai.

“Despite of the bad data, market has not reacted negative as the slowdown was already priced in. Now, investors are expecting the government to lower taxes and help in ease of doing business.”

The rupee weakened to 71.71 against the dollar by 0343 GMT.

Markets await consumer price index data, due later in the day.

The NSE Nifty 50 index was up 0.2% at 11,936 as of 0411 GMT

The S&P BSE Sensex was 0.1% higher at 40,386.

Nifty realty index rose for a fourth straight session, gaining 0.5% as the government last week approved 100 billion rupees ($1.41 billion) for a fund to help clear stalled housing projects.

Shares of India’s Britannia Industries were up 3.6% after posting a higher consolidated net profit for the September quarter on Monday and was the top gainer on Nifty.

Yes Bank shares rose as much as 3.15% after the Mint news paper reported that Hero Corporate Services chairman was in talks to buy stake in the lender. (Reporting by Nallur Sethuraman in Bengaluru; Editing by Shailesh Kuber)

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