Register now for FREE unlimited access to Reuters.com
BENGALURU, May 16 (Reuters) – Indian shares inched higher on Monday as broader Asia tried to hold onto small gains after weak data from China showed that strict lockdowns hit the world’s second-largest economy.
The NSE Nifty 50 index (.NSEI) was up 0.54% at 15,868, as of 0353 GMT, while the S&P BSE Sensex (.BSESN) rose 0.29% to 52,946.32. On Friday, both indexes logged their fifth straight weekly drop, marking their longest weekly losing streak since 2020.
Shares of Ambuja Cements (ABUJ.NS) and unit ACC (ACC.NS) rose 2.9% and 6.4%, respectively, after conglomerate Adani Group said it would buy Holcim AG’s (HOLN.S) controlling stake in the companies. read more
Register now for FREE unlimited access to Reuters.com
Rivals UltraTech Cement (ULTC.NS) and Shree Cement (SHCM.NS) fell 2.5% and 1.8%, respectively, and were among the top losers on the Nifty 50 index.
Broader Asian shares struggled to sustain a minor rally after weak data from China underlined the deep damage lockdowns were doing to the world’s second-largest economy.
China’s retail sales in April shrank 11.1% from a year earlier, the biggest contraction since March 2020, data from the National Bureau of Statistics showed. read more
Register now for FREE unlimited access to Reuters.com
Reporting by Rama Venkat in Bengaluru; Editing by Subhranshu Sahu
Our Standards: The Thomson Reuters Trust Principles.