off-the-wire

INDIA STOCKS-Indian shares open higher on improved risk sentiment

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Adds opening levels) By Bharath Rajeswaran BENGALURU, March 6 (Reuters) - Indian shares opened higher on Monday, aided by a rise in high-weightage financial and information technology stocks after strong economic data from the United States and investment in the Adani group of companies boosted risk appetite. The Nifty 50 index rose 0.85% to 17,744.20, while the S&P BSE Sensex gained 0.83% to 60,309.16 as of 9:37 a.m. IST. All 13 major sectoral indexes rose, with financials and information technology adding 0.8% and 1.5%, respectively.


All the Adani group stocks advanced as well, extending gains after U.S. boutique investment firm GQG Partners' $1.87 billion investment in the conglomerate on Thursday.


The investment spurred a broad-based rally on Friday with both the Nifty 50 and Sensex posting their best day in nearly four months. The sentiment in domestic equities is also aided by an uptick in global equities after data showed the U.S. services sector grew at a steady clip in February, indicating expansion of the economy in the first quarter of 2023. Asian markets advanced on Monday, with the MSCI's broadest index of Asia-Pacific shares outside Japan adding 0.71%. Among individual stocks, Mahanagar Gas jumped nearly 5% after the company acquired Unison Enviro for 5.31 billion rupees. Kansai Nerolac climbed over 2% after approving the acquisition of 40% of the total shareholding of Nerofix from Polygel for 370 million rupees.
($1 = 81.6800 Indian rupees) (Reporting by Bharath Rajeswaran in Bengaluru; Editing by Eileen Soreng and Janane Venkatraman)

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