MW: India shares advance on banks, energy producers
By V. Phani Kumar
HONG KONG (MarketWatch) -- Indian shares edged higher Friday, with private-sector banks pacing the rise a day after some of them raised lending rates on home and auto loans, while energy stocks climbed after an increase in crude-oil prices. The benchmark 30-stock Sensex climbed 0.7% to 17,093.46, while the broader S&P/CNX Nifty rose 0.7% to 5,115.75. ICICI Bank Ltd. (IBN 39.79, +0.22, +0.56%) rose 1.1% and Kotak Mahindra Bank Ltd. (KMBK.Y 16.92, +0.36, +2.14%) added 1.6% after local media reported they have raised interest rates by up to 1 percentage point amid rising cost of funds. Oil & Natural Gas Corp. added 1.1% and Cairn India Ltd. rise 1.2% on higher crude-oil prices.
