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Indian Shares Rise on IT, Metals Boost

BENGALURU (Reuters) - Indian shares rose on Monday after three straight sessions of losses, helped by gains in IT and metal stocks, ahead of monthly automobile sales data and Tata Motors’ quarterly results later in the day.

The blue chip NSE Nifty 50 index rose 0.38% to 17,739.10 and the benchmark S&P BSE Sensex rose 0.37% to 59,527.08 by 0357 GMT.

Both indexes have fallen more than 4% from their all-time peaks in October on concerns about overvaluations and heavy outflows from foreign institutional investors.

In Mumbai trading, the Nifty Metal Index gained 1.07%, helped by a 9.1% jump in shares of Steel Authority of India after the steelmaker posted a rise in quarterly profit.

The Nifty IT index rose 1.26% after two straight sessions of losses.

Among individual stocks, Indian Oil Corp and Bharat Petroleum Corp gained after the refiners reported a rise in September-quarter profit.

Broader markets edged higher, led by Japan’s Nikkei following Sunday’s parliamentary election result. For the week ahead, traders will be focused on central bank meetings in Britain, Australia and the United States as inflation puts upward pressure on rates outlook.

Reporting by Anuron Kumar Mitra in Bengaluru; Editing by Ramakrishnan M.

Source: Reuters


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