off-the-wire

INDIA STOCKS-Indian shares open higher as metals gain on strong China data

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Adds opening levels) By Bharath Rajeswaran BENGALURU, March 1 (Reuters) - Indian shares opened higher on Wednesday after eight consecutive sessions of losses, led by metals after strong manufacturing data from China, while a slowdown in domestic economic growth, persistent rate hike concerns capped gains. The Nifty 50 index rose 0.61% to 17,409.25, while the S&P BSE Sensex edged 0.61% higher to 59,318.01 as of 9:47 a.m. IST. The benchmark Nifty had


fallen in the past eight sessions, losing over 4% in the period.


The rise in domestic equities is in step with the uptick in Asian peers following stronger-than-expected manufacturing


data from the world's second-largest economy, China, where factory activity surged on reopening.


The MSCI's broadest index of Asia-Pacific shares outside Japan rose nearly 1.5%. Metals climbed over 2.5%, with 14 of the 15 constituents logging gains.


Adani Enterprises , Hindalco and Tata Steel were among the top Nifty 50 gainers.


Capping the gains in domestic equities is a slowdown in
India's economic growth in the December quarter, concerns over prolonged high interest rates in the United States and sustained foreign selling of domestic equities. Foreign portfolio investors (FPIs) have sold net of 341.46 billion rupees of Indian equities thus far in the year.




($1 = 82.6680 Indian rupees) (Reporting by Bharath Rajeswaran in Bengaluru; Editing by Dhanya Ann Thoppil)

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