Indian shares rise as metal stocks, broader Asia climb

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Indian shares were trading higher on Thursday, buoyed by strength in metal stocks and other Asian equities, as sentiment improved on growing expectations that major central banks may tone down their aggressive stance on rate hikes.

The NSE Nifty 50 index was up 0.66% at 17,772.90 as of 0352 GMT, and the S&P BSE Sensex climbed 0.63% to 59,916.84.

The indexes snapped seven straight sessions of gains in the previous session. The market was closed on Wednesday for a holiday.

Gains in the domestic market, however, are likely to be limited, as global oil prices rose in early Asian trade on Thursday after surging more than 3% in the previous session, driven by record U.S. crude exports. [O/R]

India is the world’s third-largest importer and consumer of oil, and a rise in crude prices have a direct impact on inflation.

Foreign institutional investors sold a net 2.47 billion Indian rupees ($30.12 million) worth of equities on Tuesday, while domestic investors bought net 8.73 billion rupees worth of shares, as per provisional data available with the National Stock Exchange.

Asian shares rose on Thursday on hopes that major central banks could start slowing the pace of interest rate hikes in the coming months. The MSCI’s broadest index of Asia-Pacific shares outside Japan was 1.59% higher and set for third straight session of gains.

In early domestic trading, the Nifty’s metal index , rising 2%, was the best performer among other sectors. JSW Steel Ltd and Hindalco Industries Ltd led gains on the Nifty 50 index, climbing more than 3% each.

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