Indian stocks end higher in volatile trade

A security guard walks past the National Stock Exchange (NSE) logo inside its building in Mumbai, India May 28, 2019. REUTERS/Francis Mascarenhas/File Photo/File Photo

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BENGALURU, Aug 23 (Reuters) – Indian stocks closed higher on Tuesday, swinging between gains and losses throughout the session, as IT stocks continued to weigh on sentiment.

The NSE Nifty 50 Index (.NSEI) ended up 0.5% at 17,577.5, after falling 0.8% during the session.

The S&P BSE Sensex (.BSESN) rose 0.4% to 59,031.3.

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The Nifty 50 index had risen 4.6% this month through August 18, after which investors began to take profits. The index lost 2.6% in the previous two sessions.

“It could be a bounce before derivative settlement on Thursday,” said AK Prabhakar, head of research at IDBI Capital.

“We have to give him time to see if this recovery will hold.”

India’s Nifty Auto Index (.NIFTYAUTO) gained 1.8%. Mahindra and Mahindra (MAHM.NS) rose 3.8% and Eicher Motors (EICH.NS) ended up 3%.

Banks gained with the Nifty Bank Index (.NSEBANK) ending the session up 1%.

IT stocks continued to lag, with the Nifty IT Index (.NIFTYIT) falling 1.7%.

Infosys Ltd (INFY.NS) fell 2.1% and was the Nifty 50 index’s biggest percentage loser, after a media report said the IT major cut the average variable payout to 70 % for the first quarter due to margin pressure.

Global sentiment was bearish, as weakening economies in Germany and France added pressure as decades-high inflation and soaring gas prices dragged Europe into recession, pushing the euro higher. its lowest level in 20 years against the dollar.

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Reporting by Tanvi Mehta in Bangalore; Editing by Neha Arora and Krishna Chandra Eluri

Our standards: The Thomson Reuters Trust Principles.

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