Tech, auto help Indian shares eke out gains; Zee soars

BENGALURU: Indian shares inched higher on Wednesday, helped by tech and auto stocks, while media firm Zee Entertainment soared after receiving board approval for its merger with Sony Pictures Networks India.

The blue-chip NSE Nifty 50 index was up 0.14% at 17,586.15 by 0455 GMT and the benchmark S&P BSE Sensex rose 0.18% to 59,109.28.

Investors are now awaiting policy cues from the US Federal Reserve's two-day meeting ending later in the day, including when it would start tapering its bond buying and raising interest rates.

Zee Entertainment Enterprises Ltd surged 25%, helping the media sub-index scale its highest in more than 15 months and making the sector top performer of the day.

Tech stocks rose 1.2% and were headed for a second straight session of gains, with Mindtree Ltd advancing nearly 4%.

Strong demand, robust outlook and resilience to possible monetary policy changes make tech stocks an attractive pick, said KK Mittal, an investment advisor with Venus India.

Auto stocks climbed 1%, while real estate stocks rose 1.5%.

The two sectors are in focus ahead of the festival season, said Mittal, as asset purchases are likely to rise during the period.

Private banks were down with Housing Development Finance Corp shedding more than 1% to be among the biggest losers on the Nifty 50.

Stock markets in broader Asia rose after debt-laden China Evergrande said it would pay some bond interest due on Thursday, allaying fears of an imminent and messy collapse.