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Indian shares rebound from 3-week lows as metals, auto gain

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BENGALURU — Indian shares rose 1% on Tuesday, driven by gains in metals and auto companies, as investors used recent dips to enter the market, helping it to recover from three-week lows hit in the previous session.

The NSE Nifty 50 index was up 1.2% at 17,525, as of 0530 GMT, while the S&P BSE Sensex gained 1.2% at 58,661.7.

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“The sharp pullback we have seen from 18,000 levels has encouraged people to be more risk-on,” said Anand James, chief market strategist at Geojit Financial.

“Some factors, like the quantum of the U.S. Federal Reserve rate hike going forward, is still on evolving stage,” James said.

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The Nifty 50 index had lost more than 800 points after hitting a multi-month peak of 17,966.55 on August 19 in a span of six sessions.

“From here on, we will continue to see these kind of blows between the bulls and the bears, as we assess the Fed trajectory,” he said, adding that volatility had declined heavily.

The Nifty metals index rose 1.9%, while the auto index gained 2.2%.

“Globally, all countries are facing the churn and India seems to be the best placed jurisdiction in terms of growth and inflation outlook in FY23,” Soumya Kanti Ghosh, group chief economic adviser, State Bank of India said in a report.

“We believe the China story may now be facing clear headwinds and India is likely to benefit from such stark realities over the longer term.”

In the benchmark Nifty 50 index, all 50 stocks traded in the positive territory.

Among individual shares, Shipping Corp of India rose 5% after a report said Indian government will likely fast-track disinvestment. (Reporting by Nallur Sethuraman in Bengaluru; Editing by Neha Arora)

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