Indian stock auto, metal stocks jumped more than 2% as a rally

Article content

BANGALORE – Indian stocks rose more than 2% on Friday, placing benchmark indices at six for their first weekly gains as auto and metal stocks and major Asian equities strength markets helped them recover from their worst session in nearly three months.

The NSE Nifty 50 Index rose 2.18% to 16,153.30 during 0517 GMT and the S&P BSE Sensex rose 2.19% to 53,947.66, after falling more than 2.6% in the previous session.

“After yesterday’s significant downtrend, we are seeing a kind of relief rally,” said Narendra Solanki, head of equity research at Ananda Rathi Investment Services.

Article content

“The market will remain volatile because global factors are still at the center and we are in the final stages of the outcome factor.”

Global equities are under pressure due to the Russia-Ukraine conflict, the possibility of a larger interest rate hike to control rising inflation, and the supply chain crisis due to China’s zero-quad policy.

On Friday, metal prices strengthened and Asian stocks rallied after China cut key debt rates to support its economy.

In Mumbai, all the 50 stocks in the Nifty 50 Index traded higher and almost all the Nifty sub-indexes rose. The Nifty Auto Index, the Realty Index and the Metals Index each rose more than 3%.

Among individual stocks, Ashok Leyland jumped more than 8% while truck and bus maker late Thursday tripled its profit for the March quarter.

Http:// Personal and home care product maker Godrej Consumer products fell 4.2% after analysts reported March-quarter profit.

Steel product maker Welspun Corp rose 10.3% to reach its highest level since February 2020 after winning an order worth Rs 50 billion ($ 644.95 million).

One97 Communications, the parent of digital payment firm Paytm, advanced 2.8% compared to its quarterly earnings results.

$ 1 = 77.5250 Indian Rupees) (Report by Rama Venkat in Bangalore; Edited by Aditya Soni and Shuvrangshu Sahu)

Leave a Reply

Your email address will not be published.