Indian stocks start week higher on tech and metal

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BENGALURU — Indian stocks hit week-long highs on Monday as investors seized on information technology and beaten metals, while a rebound in global equities also contributed to broader sentiment in investors.

The NSE Nifty 50 index rose 0.81% to 16,180, 0509 GMT, while the S&P BSE Sensex rose 0.76% to 54,192.08. Both indexes hit their highest since July 11, after posting their first weekly loss in four on Friday.

The Nifty IT index, down more than 30% this year, gained 3.3%.

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The metals index, which has fallen more than 28% in the past two months, rose 1.7%. Industrial metal prices have risen thanks to the latest efforts by Chinese regulators to head off a potential crisis in the country’s real estate market, which consumes a large amount of metals.

“This could be a relief rally due to oversold positions in both IT and metals. Globally, indices are also supportive as US consumer data was positive,” Ajit said. Mishra, Vice President, Research, Religare Broking.

US economic data released on Friday surprised on the upside, with stronger-than-expected retail sales, improved consumer confidence, lower inflation expectations and lower import prices.

Asian stocks edged higher after a rebound on Wall Street late last week.

In Mumbai, Bharat Electronics rose 4.2% on rising quarterly profits, while Den Network fell 4.4% after reporting a drop in profits in the June quarter.

HDFC Bank fell 1.3% after India’s biggest private lender missed quarterly profit estimates.

Indian markets will also focus on big profits from heavyweights Reliance Industries, ICICI Bank, Hindustan Unilever, Wirpo this week. (Reporting by Nallur Sethuraman in Bengaluru; Editing by Subhranshu Sahu and Rashmi Aich)