Sensex, Nifty track broader Asia higher; metals gain
The broader NSE Nifty 50 index rose 1.03 per cent to 11,825.95.
Indian shares rose for a second session on Tuesday, tracking a China-led recovery in broader Asian markets, although domestic growth worries persisted after the federal budget failed to address key concerns of investors.
The broader NSE Nifty 50 index rose 1.03 per cent to 11,825.95 by 0358 GMT, while the benchmark S&P BSE Sensex gained 1.04 per cent to 40,285.14. The indexes recorded their biggest percentage gain in more than three weeks.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1 per cent after China said it would welcome assistance from the United States to fight the virus, as the death toll in China jumped to more than 420.
India also recorded its third case of the virus in the southern state of Kerala, according to media reports, which has led authorities to declare here a "state disaster."
Meanwhile, markets in the country bounced back from a three-month low hit on Saturday after the country’s federal budget failed to cheer investors, who were hoping for lower taxes on long-term capital gains and sufficient stimulus measures to drive growth.
Although the markets have technically bounced back, the underlying trend remains down, said Deepak Jasani, head of retail research at HDFC Securities in Mumbai.
“Any pullback rallies could find resistance at 11,845.”
State-owned banks led gains, with their index rising 1.2 per cent, while the metals index rose 1.1 per cent.
Tower operator Bharti Infratel advanced 3.36 per cent to the top of the Nifty, followed by India’s biggest shadow bank HDFC Ltd, which was up 2.68 per cent.
Motorcycle maker Bajaj Auto was one of the few losers on the blue-chip index, falling about 1 per cent, after its January sales fell 3 per cent.
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