Economic news

Indian Shares Close Up; Metal Stocks Rise

BENGALURU (Reuters) - Indian shares closed higher on Wednesday after a volatile day of trading as investors parsed through some early earnings data while details of an upcoming central government cabinet reshuffle trickled in.

The blue-chip NSE Nifty 50 index closed 0.39% higher at 15,879.65, while the benchmark S&P BSE Sensex ended 0.37% higher at 53,054.76.

India’s Health Minister Harsh Vardhan has resigned ahead of a cabinet reshuffle planned by Prime Minister Narendra Modi later on Wednesday, a source close to the minister told Reuters.

In Mumbai trading, the Nifty Metal index ended 2.2% higher, boosted by gains in steel producing giants Tata Steel and JSW Steel.

Tata Steel closed 4.4% higher as it seeks to increase annual capacity in India to 55 million tonnes per annum (mtpa) from 34 mtpa by 2030. Shares of JSW Steel ended 2.7% higher.

Jaguar Land Rover (JLR) parent Tata Motors had warned on Tuesday of a hit to a key margin metric at JLR in the second quarter and flagged chip supply constraints. Its shares erased losses to close 0.06% higher after falling over 3% earlier in the day.

Jewellery sales at Titan Co, excluding bullion, rose almost 107%, the company said. The watch maker's shares, however, ended 2% lower as sales from stores that stayed open in May were muted. Investors expect strong results from Tata Consultancy Services, which is set to report its earnings on Thursday.

Real estate firm Sobha Ltd surged as much as 9.1% after it reported a higher total sales value for the first quarter.

Global stocks dipped on Wednesday from recent record levels as investors awaited minutes from the Federal Reserve’s latest meeting to see if they confirm a hawkish turn in U.S. monetary policy. [MKTS/GLOB]

Reporting by Shivani Singh in Bengaluru; editing by Krishna Chandra Eluri

Source: Reuters

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