INDIA STOCKS-Indian shares edge higher ahead of GDP data, Powell's speech

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 INDIA STOCKS-Indian shares edge higher ahead of GDP data, Powell's speech
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(Updates opening levels)

BENGALURU, Nov 30 (Reuters) - Indian shares opened marginally higher on Wednesday, as investors cautiously awaited the gross domestic product data and the U.S. Federal Reserve Chair Jerome Powell's speech due later in the day.

The S&P BSE Sensex rose 0.29% to 62,865.74, as of 09:25 a.m. IST. The NSE Nifty 50 index gained 0.33% to a new record high of 18,679.55.

Both the benchmarks are on course to log gains for the seventh day in a row, if gains hold.

Sectorally, Nifty Metal rose the most and extended gains for the second day, adding 1.1%.

Data due at 5:30 p.m. IST on Wednesday is expected to show the Indian economy likely returned to a more normal 6.2% annual growth rate in July-September after double-digit expansion in the previous quarter.

Wider Asian markets were mixed on Wednesday after China's factory activity contracted at a faster-than-expected pace, with the MSCI Asia ex-Japan index adding 0.42%.

Wall Street equities closed mostly lower overnight ahead of Powell's speech at a Brookings Institution event.

Among individual domestic stocks, Inox Wind and Inox Green surged 7.45% and 3.72%, respectively, after the two companies announced that they paid debt worth 4.11 billion rupees, as part of efforts to deleverage their balance sheets.

Shares of rice producers, such as Chaman Lal, GRM Overseas, KRBL Ltd. and LT Foods , rose after government exempted organic non-basmati broken rice from export curbs. ($1 = 81.6160 Indian rupees) (Reporting by Bharath Rajeswaran and Akansha Victor in Bengaluru; Editing by Dhanya Ann Thoppil and Eileen Soreng)


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