Indian shares see best day in three weeks as metals, IT surge – Reuters

June 21, 2022 by No Comments

A man looks at a screen displaying budget news, on a facade of the Bombay Stock Exchange (BSE) building in Mumbai, India, February 1, 2022. REUTERS/Francis Mascarenhas

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BENGALURU, June 21 (Reuters) – Indian shares posted their best session in three weeks on Tuesday, lifted by sharp gains in metal and technology stocks as investors hunted for bargains in beaten-down sectors following last week’s brutal sell-off.

The NSE Nifty 50 index (.NSEI) rose 1.88% to 15,568.8 while the S&P BSE Sensex (.BSESN) climbed 1.81% to 52,532.07.

The blue-chip indexes closed higher for a second straight session after suffering heavy losses last week on fears that aggressive rate hikes around the globe to curb inflation could lead to a recession.

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Analysts said that while a rebound was expected after the sell-off, market conditions remained uncertain.

“It is difficult to predict whether we have reached the bottom. However, if crude corrects more, there is hope that central bank hawkishness may recede,” said Saurabh Jain, assistant vice president, research at SMC Global Securities.

The Nifty Smallcap 100 (.NIFSMCP100) and the Nifty Midcap 100 (.NIFMDCP100), which were beaten heavily on Monday, climbed around 3.5% each on Tuesday.

The Nifty IT index (.NIFTYIT), the …….



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