Indian shares extend gain; LIC listing in focus
Indian shares rose for a second consecutive session on Tuesday, with investors focused on the market debut of state-owned Life Insurance Corp, while the rupee weakened to an all-time low.
The NSE Nifty 50 index was up 0.75% at 15,961.20, as of 0352 GMT, with most major sub-indexes in positive territory, while the S&P BSE Sensex rose 0.59% to 53,284.31.
The rupee hit a record low of 77.69 against the dollar in opening trade.
State-owned insurance behemoth Life Insurance Corp (LIC) is likely to see a lacklustre debut when it lists later in the day despite the $2.7 billion initial public offering being oversubscribed, analysts said. Its IPO was priced last week at 949 rupees, the top of the indicated range.
Telecom operator Bharti Airtel and refiner Indian Oil Corp rose 0.3% and 1%, respectively, ahead of their quarterly earnings results.
Asian shares were higher despite investor fears that the global economic recovery may be more fragile than expected.