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Indian shares rise on gains in metals, upbeat global mood

By Chandini Monnappa

BENGALURU, Aug 13 – India’s main indexes rose on Thursday, powered by gains in metal stocks, while an overnight rally in technology stocks on Wall Street and a surprise rise in U.S. inflation boosted global sentiment.

The NSE Nifty 50 index rose 0.36% to 11,348.34 by 0510 GMT, while the benchmark S&P BSE Sensex climbed 0.29% to 38,483.80.

“We are following global markets directionally and metals were waiting for an upside bounce and we are now seeing them catch up,” said Deepak Jasani, head of research, HDFC Securities.

Steady virus figures in the United States and a jump in U.S. consumer prices in July helped Asian markets rise on Thursday, with the MSCI’s broadest index of Asia-Pacific shares outside Japan advancing 0.2%.

In Mumbai trading, the Nifty Metal index advanced the most among the major sectoral indexes in India, adding as much as 2.05% on Thursday. Still, the index is down nearly 16% as of Wednesday’s close.

Shares of Hindalco Industries Ltd surged as much as 5.01% and was the top gainer on the Nifty 50 index.

India’s small-cap and mid-cap companies also eked out gains with the mid-cap rising 1.19% and the small-cap adding nearly 1%.

Thursday’s gains come at a time when India is grappling with a daily record jump in coronavirus cases, with the tally reaching 2.4 million on Thursday morning, including 47,000 deaths.

“Unless hopes of vaccine discovery is postponed, coronavirus is no longer a day-to-day negative in India,” Jasani said.

Meanwhile, the Nifty PSU Bank Index, which rose as much as 1.2% in early trade, reversed course and was down 0.32% by 0500 GMT.

Shares of State Bank of India was the only scrip in the green on the index with a 0.52% rise.

(Reporting by Chandini Monnappa in Bengaluru; Editing by Arun Koyyur)

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