May 15 (Reuters) - Indian shares edged higher at the open on Friday as a rebound in IT stocks and a post-results rise in Tata Motors Passenger Vehicles outweighed higher crude prices from the ongoing Middle East conflict.
The Nifty 50 and the BSE Sensex rose 0.4% each to 23,783.7 and 75,686.31, respectively, as of 9:27 a.m. IST.
Nine of the 16 major sectors logged losses. The broader small-caps and mid-caps lost 0.7% and 0.1%, respectively.
The IT index rose 2.5%, staging a partial rebound after losing about 7% in the previous four sessions.
Tata Motors Passenger Vehicles rose about 8.3% despite reporting a quarterly profit fall, as analysts termed sequential improvement in margins and free cash flow in India and JLR businesses and strong volume guidance as positives.
Other Asian markets fell 1.3%, while Brent crude prices climbed 1% to $107 a barrel.
Geopolitical risks remained the key overhang. A ship was reported seized by Iranian personnel off the United Arab Emirates on Thursday, a day after an Indian cargo vessel carrying livestock from Africa to the UAE sank in waters off Oman.
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sherry Jacob-Phillips abd Nivedita Bhattacharjee)
