Indian shares rise 2% on metals, bank boost
Indian shares rose 2% on Tuesday, led by gains in banks and metal companies, as an attempted bounce in global equities and upbeat quarterly updates from companies lifted sentiment ahead of the corporate earnings season.
Oil prices inched higher, with domestic investors wary that a surge in global crude prices will heat up inflation in the world's third-largest oil importing country.
The NSE Nifty 50 index rose 2% to 17,227.55 as of 0355 GMT and the S&P BSE Sensex gained 1.9% at 57,875.70.
Asian stocks bounced on Tuesday after Britain scrapped bits of a controversial tax cut plan, tentatively improving global market sentiment and rallying bonds and the pound. [MKTS/GLOB]
The Nifty metals index rose 2.6%, while the bank index surged 2.7%.
IndusInd Bank shares rose 5.7% after it said second-quarter net advances rose 18% year on year.
Shares of Mahindra and Mahindra Financial Services surged 10% after the company reported strong disbursement for September and improved collection efficiency.
