A general view of the Bombay Stock Exchange (BSE) after Sensex broke through the 50,000 mark for the first time on January 21, 2021 in Mumbai, India. REUTERS/Francis Mascarenhas
BENGALURU, July 18 (Reuters) – Indian stocks hit a weekly high on Monday as investors bought ailing information technology and metals stocks, while a rebound in global equities also supported broader investor sentiment.
The NSE Nifty 50 Index (.NSEI) was up 0.81% to 16,180 as of 0509 GMT, while the S&P BSE Sensex (.BSESN) was up 0.76% to 54,192.08. Both indexes hit their highest levels since July 11 after posting their first weekly loss in four on Friday.
The Nifty IT index (.NIFTYIT), which is down more than 30% this year, gained 3.3%.
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The metals index (.NIFTYMET), which has fallen over 28% over the past two months, rose 1. See the article : Starbucks says it is not in a formal sale process for the UK business.7%. Industrial metal prices rose on Chinese regulators’ recent efforts to avert a potential crisis in the country’s real estate market, which consumes large amounts of metals.
“It could be a recovery rally due to oversold positions in both IT and metals. Global cues are also encouraging as US consumer data has been on the positive side,” said Ajit Mishra, Vice President, Research, Religare Broking.
US economic data released on Friday surprised on the upside with stronger-than-expected retail sales, a rise in consumer sentiment, lower inflation expectations and falling import prices.
Asian stocks rose after a Wall Street rally late last week.
In Mumbai, Bharat Electronics (BAJE.NS) rose 4.2% on quarterly profit jump, while Den Network (DENN.NS) fell 4.4% after reporting a June quarter profit slump.
HDFC Bank (HDBK.NS) fell 1.3% after India’s largest private lender missed quarterly earnings estimates. Continue reading
Indian markets will also be focused this week on big gains from heavyweights Reliance Industries (RELI.NS), ICICI Bank (ICBK.NS), Hindustan Unilever (HLL.NS) and Wirpo (WIPR.NS).
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Reporting by Nallur Sethuraman in Bengaluru; Edited by Subhranshu Sahu and Rashmi Aich
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