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Sensex edges higher; government says to infuse funds in banks

Reuters
A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, February 26, 2016. REUTERS/Shailesh Andrade/Files

REUTERS - Indian shares edged higher on Tuesday as state-run banks gained after the government said it would infuse 229.15 billion rupees ($3.41 billion) in 13 state-run banks this fiscal year as part of a previously announced plan.

Those gains helped offset earlier losses after sliding oil prices hit Asian markets and retail heavyweight Hindustan Unilever (HLL.NS) posted disappointing volume growth.

The BSE Sensex rose 0.15 percent to 27,787.62, after earlier falling as much as 0.39 percent.

The broader NSE Nifty rose 0.23 percent to 8,528.55, after falling as much as 0.38 percent earlier in the day.

State Bank of India (SBI.NS) rose 0.37 percent, but Hindustan Unilever fell 2.9 percent.

(Reporting by Tanvi Mehta in Bengaluru; Editing by Gopakumar Warrier)