Reuters | Bengaluru, May 16 |
NSE Nifty50 was up 0.54 per cent at 15,868, while the S&P BSE Sensex rose 0.29 per cent to 52,946.32 in the early trade
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 was up 0.54 per cent at 15,868, while the S&P BSE Sensex rose 0.29 per cent to 52,946.32 in the early trade.
On Friday, both indexes logged their fifth straight weekly drop, marking their longest weekly losing streak since 2020.
Shares of Ambuja Cements and unit ACC rose 2.9 per cent and 6.4 per cent, respectively, after conglomerate Adani Group said it would buy Holcim AG’s controlling stake in the companies.
Rivals UltraTech Cement and Shree Cement fell 2.5 per cent and 1.8 per cent, 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 per cent from a year earlier, the biggest contraction since March 2020, data from the National Bureau of Statistics showed.