Metals, energy stocks power gains in Indian benchmarks
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Indian benchmarks settled higher on Tuesday lifted by gains in energy and metal companies, with rising expectations of interest rate cuts in the United States boosting global markets.
The benchmark NSE Nifty 50 index gained 0.43% to 21,441.35 points, while the S&P BSE Sensex settled 0.32% higher at 71,336.80 points. Both the indexes had fallen nearly 1% from their peaks hit last week.
Metals and energy stocks gained over 1%, each, while public sector enterprise rose 2%.
"The rise in metals can be attributed to the cooling in U.S. dollar index, which is leading to buying interest in metal stocks globally," said Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services.
A cooling U.S. inflation bolstered bets the Federal Reserve would cut interest rates early next year, helping global stocks. [MKTS/GLOB]
Ten out of the 13 major sectoral indexes appreciated, while 0.65% gains in more domestically-focussed mid-caps outperformed the blue-chips and small-caps remained largely flat.
Indian oil and gas explorers Oil India and Oil & Natural Gas Corp rose 2.3% and 1.8%, respectively with crude oil prices jumping 3%.
Among individual stocks, Infosys declined 1.2% and led the fall in IT stocks after the company said its $1.5 billion deal with an unnamed global company stands terminated. The IT index declined 0.41%.
Divi's Laboratories and Hero MotoCorp led gains on Nifty 50 index, rising 4.56% and 3.35% each.
