Indian benchmarks close marginally higher, led by IT; financials cap gains
(Updates for markets close)
June 11 (Reuters) - India's benchmark indexes inched higher on Wednesday, led by IT stocks on signs of progress in trade talks between the U.S. and its key trading partners, such as India and China, while profit booking in financials capped gains.
The Nifty 50 rose 0.15% to 25,141.4 and the BSE Sensex added 0.15% to 82,515.14.
Negotiators from the U.S. and China have agreed on a framework to get their trade truce back on track, pending final approval by their countries' leaders.
Other Asian markets rose on the day, with the MSCI Asia ex-Japan index gaining 0.6%.
Meanwhile, Indian and U.S. officials made progress on bilateral trade talks in New Delhi, focusing on industrial goods, agriculture, tariff reductions and non-tariff barriers, according to Indian government sources.
Seven of the 13 major sectors logged gains.
IT companies, which earn a significant share of their revenue from the U.S., rose 1.3%, logging gains for a sixth straight session.
However, pressure on financials and banks , down 0.3% each, capped broader market gains as profit-booking persisted due to the recent record highs that came in the wake of the RBI's steep rate cut.
"There can be a consolidation in markets after the fast and furious rally in the last few weeks, but the trajectory for domestic markets remains upwards," said Devang Mehta, director of equity advisory at Spark Capital PWM, citing growth support from the RBI on Friday and the positivity around the global trade talks.
India's Nifty 50 has gained 3.3% since the start of May and is trading at its highest level since mid-October 2024.
Among other stocks, liquor makers such as Radico Khaitan and United Spirits lost 3.8% and 6.6% after Maharashtra state hiked excise duty on Indian Made Foreign Liquor.
BSE fell 4.1% after being placed under a National Stock Exchange framework, drawing a 100% margin on trades.
The broader, more domestically focussed small-caps and mid-caps fell about 0.5% each, snapping seven-session and five-session winning streaks, respectively.
($1 = 85.4750 Indian rupees) (Reporting by Bharath Rajeswaran in Bengaluru; Editing by Janane Venkatraman and Sumana Nandy)
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