Markets

Sensex, Nifty rebound as auto, metal stocks rally

Reuters | | Updated on: May 20, 2022

NSE Nifty 50 was up 1.9 per cent at 16,110.30 and the S&P BSE Sensex rose 1.37 per cent to 53,515.97 in the early trade

Gains in auto and metal stocks helped shares rebound on Friday after their worst session in nearly three months, with strength in broader Asian markets underpinning the positive sentiment.

The NSE Nifty 50 index was up 1.9 per cent at 16,110.30 and the S&P BSE Sensex rose 1.37 per cent to 53,515.97 in the early trade. Both the indexes fell over 2 per cent on Thursday on inflation jitters, but were set to end a five-week losing streak.

Asian peers also advanced, with MSCI's broadest index of Asia-Pacific shares outside Japan gaining 1.5 per cent after China cut a key lending rate to support an economy dented by its zero-Covid policy.

All 50 stocks on the Nifty 50 index were trading higher. Nifty's auto index and metal index were up 2.5 per cent and 3.4 per cent, respectively.

Truck and bus maker Ashok Leyland jumped more than 6 per cent after the company late on Thursday reported an over three-fold increase in profit for the March quarter.

Published on May 20, 2022
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