BENGALURU, Jan 25 (Reuters) - Indian shares snapped their
worst losing streak in more than 10 months on Tuesday, helped by
top domestic car maker Maruti Suzuki soaring on
better-than-expected margins and Axis Bank on the back of strong
The blue-chip NSE Nifty 50 index closed 0.75% higher
at 17,277.95, while the S&P BSE Sensex climbed 0.64% to
57,858.15, after five straight sessions of heavy losses driven
by foreign investor selling.
The indexes fell as much as 1.9% earlier in the session, in
line with global peers, driven by tensions between the West and
Russia over Ukraine and expectations of a more hawkish U.S.
Maruti Suzuki posted a bigger-than-expected drop
in quarterly profit. But its shares surged 6.8% as a series of
price hikes last year, aimed at mitigating rising material
costs, helped improve margins.
Axis Bank ended 6.8% higher on its best day in
nearly a year after the private-sector lender beat estimates for
Oil-to-retail conglomerate Reliance Industries,
India's most valuable company, settled 0.2% lower after falling
as much as 3% earlier in the session.
The Nifty IT index, the biggest casualty of the
recent sell-off, ended down 0.33%, marking its seventh straight
session of losses.
Among individual stocks, India's No. 2 telecom operator
Bharti Airtel climbed 3.2% after saying it would
consider a preferential share issue. Local media reported that
Alphabet Inc's Google may subscribe to the issue.
Nifty component Cipla closed up 1.5% ahead of its
Indian markets are closed on Wednesday for a holiday and
will resume trading on Thursday.
(Reporting by Chris Thomas in Bengaluru; Editing by