Indian shares inch higher after five-day loss streak

By Rama Venkat

BENGALURU, Feb 23 (Reuters) – Indian shares edged higher on Wednesday after a five-day run of losses as investors shook off jitters around a recent escalation in the Russia-Ukraine crisis.

The blue-chip NSE Nifty 50 index rose 0.19% to 17,123.95 by 0510 GMT, with most of its subindexes in positive territory.The S&P BSE Sensex was up 0.2% at 57,417.19.

« Downside to me seems to be limited because the uncertainty with respect to the Russia-Ukraine tensions has been going on for long but now over the last couple of days and over the weekend we have got some clarity and market has also reacted accordingly, » said Gaurav Garg, head of research at CapitalVia Global Research.

Western nations on Tuesday punished Russia with new sanctions for ordering troops into two separatist regions of eastern Ukraine, and threatened to go further if Moscow launched an all-out invasion of its neighbour.

In Mumbai, the Nifty Realty index and Nifty public sector bank index were the top gainers, climbing 2.2% and 1.3%, harga pintu aluminium respectively.

Nifty’s volatility index, which indicates the degree of volatility traders expect over the next 30 days in the Nifty 50, was at 25.545 points.

It scaled 27.815 points on Tuesday, a level not seen since March last year, after Russia ordered the deployment of troops to two breakaway regions in eastern Ukraine after recognising them as independent.

The VIX falling indicates that the uncertainty probably has gone down and the market may look to stabilize a bit, Garg said.

Among Wednesday’s notable individual stock moves, Indian cosmetics-to-fashion platform FSN E-Commerce Ventures Ltd , which owns the Nykaa brand, rose as much as 4.4%.The company said website on Tuesday it had settled a copyright infringement matter with French cosmetics gaint L’Oreal SA.

(Reporting by Rama Venkat in Bengaluru; Editing by Devika Syamnath)