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Rebound in financials lifts Indian shares; Fed mins eyed

Bharath Rajeswaran
Updated ·2-min read
People walk past the Bombay Stock Exchange (BSE) building in Mumbai

By Bharath Rajeswaran

BENGALURU (Reuters) -Indian shares rose on Tuesday, led by a rebound in financials after a two-session losing run, while a global stock rally persisted on expectations that U.S. interest rates have peaked.

The NSE Nifty 50 index added 0.45% to 19,783.40 points and the S&P BSE Sensex settled 0.42% higher at 65,930.77.

Ten of the 13 major sectoral indexes advanced. High weightage financials added 0.48%, snapping a two-session losing streak after the Reserve Bank of India tightened norms for consumer credit.

"Recovery among banking heavyweights is crucial for a fresh upmove in Nifty," analysts at ICICI Direct said. The brokerage expects the main Nifty 50 index to trade in the 19,500-19,850 range in the near term.

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IT index settled 0.18% lower, snapping a recent rally.

IT companies, which earn a significant share of their revenue from the U.S, have gained 5.52% since Nov. 14 as soft U.S. inflation data elevated bets that the U.S. Federal Reserve will not hike rates further in this cycle.

"Stabilisation of U.S. macro, bottoming of cloud revenue and strong sector order book will aid growth in Indian IT companies in fiscal 2025," analysts at Bernstein wrote in a note.

Asian markets were up as well, tracking an overnight Wall Street rally to multi-month highs. The MSCI Asia ex-Japan index was up 0.53%. [MKTS/GLOB]

The focus will shift to minutes of the Fed's latest policy meeting, due later in the day, for cues into the central bank's rate outlook, analysts said.

Metals gained 1.22%, while realty index climbed 1.13%.

Among individual stocks, Reliance Industries - the second-heaviest stock in Nifty 50 - gained 1.26% amid upbeat outlook from several brokerages.

Nomura said Reliance is best placed to gain from a strong refining environment while Morgan Stanley identified five catalysts for the oil-to-telecom conglomerate across its businesses.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Eileen Soreng, Nivedita Bhattacharjee and Dhanya Ann Thoppil)