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Indian Shares Snap 3-day Slide As IT, Metals Rise; Fed Minutes Eyed

Sensex ended up 0.45 per cent to 61,418.96 and NSE Nifty 50 index added 0.46 per cent to 18,244.20

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India's stock benchmarks snapped a three-day losing streak on Tuesday, helped by a rise in information technology and metal companies, tracking a recovery in global investor sentiment.

Although, worries over COVID-19-induced curbs in China and the looming minutes from the U.S. Federal Reserve's last policy meeting, due to be released on Wednesday, capped further gains in the domestic markets.

The S&P BSE Sensex ended up 0.45 per cent to 61,418.96 and NSE Nifty 50 index added 0.46 per cent to 18,244.20.

Sectorally, public sector banks rose 1.7 per cent, while metal and information technology indexes rose 0.9 per cent and 0.81 per cent, respectively.

"Investors will avoid large bets ahead of the minutes as they seek further clarity on the rate path, although markets have already priced in that the pace will come down," said Anita Gandhi, director at Arihant Capital Markets.

Most traders are betting on a 50-basis point hike in December after a raft of 75-bps increases.

Among stocks, IndusInd Bank and JSW Steel were top gainers in the bluechip Nifty 50 index, rising 2.7 per cent and 1.7 per cent, respectively.

Shares of digital payments firm Paytm's parent One 97 Communications Ltd (PAYT.NS) fell over 11 per cent to a record low of 474.30 Indian rupees, during the session. The slide came after Macquarie warned of risks due to competition from Jio Financial Services.

Shares of electronics manufacturer Kaynes Technology India Ltd (KAYN.NS) jumped as much as 33.9 per cent in their market debut.

Meanwhile, the Indian economy likely grew 6.4 per cent in July-Sept quarter, Barclays estimated in a note.

"While we see room for continued outperformance, India's growth trajectory is pointing to a soft landing, as the impact of slowing global activity, elevated and sticky commodity prices, and tighter domestic monetary conditions take a toll," Barclays economists said.
 
 (Reuters)


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