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Indian shares see best day in three weeks as metals, IT surge

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·2-min read
A man looks at a screen displaying budget news, on a facade of the Bombay Stock Exchange (BSE) building in Mumbai
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BENGALURU (Reuters) -Indian shares posted their best session in three weeks on Tuesday, lifted by sharp gains in metal and technology stocks as investors hunted for bargains in beaten-down sectors following last week's brutal sell-off.

The NSE Nifty 50 index rose 1.88% to 15,568.8 while the S&P BSE Sensex climbed 1.81% to 52,532.07.

The blue-chip indexes closed higher for a second straight session after suffering heavy losses last week on fears that aggressive rate hikes around the globe to curb inflation could lead to a recession.

Analysts said that while a rebound was expected after the sell-off, market conditions remained uncertain.

"It is difficult to predict whether we have reached the bottom. However, if crude corrects more, there is hope that central bank hawkishness may recede," said Saurabh Jain, assistant vice president, research at SMC Global Securities.

The Nifty Smallcap 100 and the Nifty Midcap 100, which were beaten heavily on Monday, climbed around 3.5% each on Tuesday.

The Nifty IT index, the worst performing sub-index so far this year, jumped 3.1%, while the Nifty Metal index climbed 4% after plumbing 14-month lows in the previous session. The Nifty Auto index advanced 2%.

The Nifty PSU Bank, which tracks state-owned lenders, surged 4.1% with gains led by State Bank of India and Bank of Baroda.

Three-wheeler maker Atul Auto jumped 5.5% on partnering with French car parts maker Valeo and Honda for electrification of three wheelers.

Suven Life Sciences surged 19.8% after the pharmaceutical company said it would consider a rights issue of shares.

Watch and jewellery maker Titan Company was the biggest percentage gainer on the Nifty, rising 5.9% on its best day since October 2021.

($1 = 78.0150 Indian rupees)

(Reporting by Chris Thomas in Bengaluru; Editing by Shailesh Kuber and Maju Samuel)

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