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Markets up as metal stocks rise amid gains in Asia

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Reuters | BENGALURU, May 11 | Updated on: May 11, 2022

Nifty’s metal index is up 1.7 per cent, while energy, finance and auto sub-indexes were among the gainers, advancing between 0.6 per cent and 1 per cent.

Indian shares inched higher on Wednesday, led by metal and energy companies, amid gains in Asian stocks, while investors awaited U.S. inflation data later in the day for hints on the pace of interest rate hikes from the Federal Reserve.

The NSE Nifty 50 index was up 0.29 per cent at 16,287.90 as, while the S&P BSE Sensex rose 0.21 per cent to 54,480.36. The benchmark indexes posted losses for a third straight session on Tuesday.

Nifty’s metal index, which closed 5.2 per cent lower in the previous session, rose 1.7 per cent. Nifty’s energy, finance and auto sub-indexes were also among the gainers, advancing between 0.6 per cent and 1 per cent.

Nifty 50 component Adani Ports, up 1.6 per cent, is scheduled to report quarterly results later in the day.

Drug maker Cipla was down 1.9 per cent, weighing on the Nifty pharma index which fell 0.15 per cent. The company reported March-quarter consolidated net profit of 3.62 billion rupees, down 12.4 per cent from a year earlier.

Asian shares edged higher on Wednesday after hitting close to two-year lows in the previous session, ahead of keenly awaited U.S. inflation data. U.S. consumer price index data for April is due later in the day.

Published on May 11, 2022

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