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Indian shares rose on Monday after three straight sessions of losses, helped by gains in IT and metal stocks, ahead of monthly automobile sales data and Tata Motors’ quarterly results later in the day.
The blue chip NSE Nifty 50 index rose 0.38 per cent to 17,739.10 and the benchmark S&P BSE Sensex rose 0.37 per cent to 59,527.08.
Both indexes have fallen more than 4 per cent from their all-timepeaks in October on concerns about over valuations and heavy outflows from foreign institutional investors.
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In Mumbai trading, the Nifty Metal Index gained 1.07 per cent, helped by a 9.1 per cent jump in shares of Steel Authority of India after the steelmaker posted a rise in quarterly profit.
The Nifty IT index rose 1.26 per cent after two straight sessions of losses.
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Among individual stocks, Indian Oil Corp and Bharat Petroleum Corp gained after the refiners reported arise in September-quarter profit.
Broader markets edged higher, led by Japan’s Nikkei following Sunday’s parliamentary election result. For the weekahead, traders will be focussed on central bank meetings in Britain, Australia and the US as inflation puts upward pressure on rates outlook.
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