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Indian Shares Hit Over Two-week High On Tech, Metal Boost

The NSE Nifty 50 index rose 1.2 per cent to 15,887.15, and the S&P BSE Sensex climbed 1.16 per cent to 53,340.36, on track for a third straight session of gains

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Indian shares rose on Monday to their highest in more than two weeks, with technology and metal stocks leading the gains, as easing oil prices tempered inflation fears.

The NSE Nifty 50 index rose 1.2 per cent to 15,887.15, and the S&P BSE Sensex climbed 1.16 per cent to 53,340.36, on track for a third straight session of gains.

Broader Asian peers also advanced after major Wall Street indexes posted sharp gains on Friday, as oil slid on demand worries, easing fears of prolonged inflation and aggressive tightening by the U.S. Federal Reserve.

"With commodities going down sharply, there is expectation that the Fed might not be as aggressive on policy, and that has alleviated recession fears," said Aishvarya Dadheech, a fund manager at Ambit Asset Management in Mumbai.

"But this is just a ray of hope in a tough time which investors are latching on to. Unless there is better clarity on inflation in the coming months, markets will remain on the sidelines."

The Nifty IT index was the best performing sub-index in Mumbai, jumping nearly 3 per cent to its highest since June 10, boosted by a 2.8 per cent rise in heavyweight Infosys.

The Nifty Metal index, which has fallen sharply so far this month, rose as much as 2.8 per cent. Hindalco Industries was the best performer on the Nifty 50, advancing up to 4.9 per cent.

Food delivery firm Zomato slid as much as 5.7 per cent, after rising 3.1 per cent in early trade following a deal to buy local grocery-delivery startup Blinkit for 44.47 billion rupees ($567.94 million).

Welspun Corp jumped 4.8 per cent after the steel products maker said it got orders worth 6 billion rupees.

Gaming platform Nazara Technologies surged 7.1 per cent to its highest in nearly seven weeks after it said it would buy a stake in sports media company Absolute Sports.

(Reuters)


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