Indian shares rise on strong GDP data boost
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BENGALURU - Indian shares rose over 1% on Wednesday, boosted by metals, auto and banking stocks, after growth data showed India grew at a faster pace than any major economy in the September quarter.
The blue-chip NSE Nifty 50 index was up 1.2% at 17,187.65 by 0347 GMT, while the benchmark S&P BSE Sensex rose 1.11% to 57,696.68.
GDP data released on Tuesday showed India's economy grew 8.4% in the September quarter, at the fastest pace of any major economy in the July-September quarter, but economists said disruptions from the emerging Omicron coronavirus variant risked slowing the recovery, especially given India's low vaccination rates.
The Nifty Metal index rose the most among sub-indexes, up 1.71%, with Hindalco Industries and Steel Authority of India among the top gainers.
Shares of Maruti Suzuki India rose 1.19% despite the country's biggest carmaker saying on Tuesday that vehicle production at two of its manufacturing units could be around 80% to 85% of normal capacity in December due to semiconductor shortages.
The Nifty Auto index was up about 1.4% in early trade ahead of November auto sales figures later in the day.
IndusInd Bank led gains on the blue-chip index, rising 3.23% and pushing the banking sub-index up 1.07%.
Asian stocks rose from a one-year low, as U.S. equity futures and oil recovered from the previous day's selloff, but uncertainty over the impact of Omicron kept investors on edge. [MKTS/GLOB]
