India

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

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Clouds are seen over the Bombay Stock Exchange (BSE) building in Mumbai, India May 25, 2016. REUTERS/Danish Siddiqui

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 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 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. read more

Shares in broader Asia were lower after weak Chinese economic data sparked worries of slowing growth globally.

Reporting by Soumyajit Saha in Bengaluru; editing by Uttaresh.V

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