Markets

Indian shares track Asian markets higher, metal stocks shine

A view of the BSE building in Mumbai. | File

A view of the BSE building in Mumbai. | File   | Photo Credit: Paul Noronha

The Nifty rose 0.3% to 12,219.25 by 0940 IST on the second trading day of the year, while the Sensex climbed 0.32% to 41,433.09.

Indian shares rose on Thursday, in line with Asian markets, as investors cheered Beijing's monetary policy easing decision and upbeat cues on the Sino-U.S. trade deal .

The Nifty rose 0.3% to 12,219.25 by 0940 IST on the second trading day of the year, while the Sensex climbed 0.32% to 41,433.09.

China's central bank on Wednesday cut the amount of cash that all banks must hold as reserves, releasing around 800 billion yuan ($114.91 billion) in funds to shore up the slowing economy.

The news sent MSCI's broadest index of Asia-Pacific shares outside Japan 0.35% higher in morning trade.

Aiding sentiment further was U.S. President Donald Trump's announcement on Tuesday that the signing of Phase 1 trade deal with China will take place on January 15.

Among sub-indexes, the Nifty Metal index added over a percent, with shares of Steel Authority of India advancing over 3.5%.

The Nifty Auto index rose as much as 0.4%, led by a near 1% gain in shares of Tata Motors Ltd.

Index heavyweights like Reliance Industries Ltd. and miner Vedanta Ltd. rose in early trade, rising as much as 0.95% and 1.36%, respectively.

Meanwhile, shares of Gujarat Narmada Valley Fertilizers & Chemicals tanked 4.38% to an over three-year low after the company on Wednesday said the country's telecom regulatory body had issued a demand notice to pay ₹150.20 billion ($2.11 billion).

Why you should pay for quality journalism - Click to know more

Recommended for you
This article is closed for comments.
Please Email the Editor

Printable version | Feb 26, 2020 12:12:15 AM | https://www.thehindu.com/business/markets/indian-shares-track-asian-markets-higher-metal-stocks-shine/article30457616.ece

Next Story