Sensex, Nifty Modestly Higher; Metal Stocks Surge On China Optimism
(RTTNews) - Indian shares were seeing modest gains in cautious trade on Friday as investors await U.S. employment data due later in the day for clues on the Fed's monetary policy outlook.
The benchmark S&P BSE Sensex was up 150 points, or 0.2 percent, at 64,981 in early trade, while the broader NSE Nifty index was up 54 points, or 0.3 percent, at 19,308.
Metal stocks jumped, with JSW Steel, Tata Steel and Hindalco climbing 2-3 percent, as major Chinese banks cut deposit rates ahead of widely anticipated mortgage-rate cuts.
ONGC rose over 2 percent as oil prices climbed and Fitch affirmed its ratings.
Jio Financial Services, which is being removed from BSE indexes, was up nearly 2 percent.
Ashok Leyland gained 1 percent after it partnered with CSB for vehicle financing.
Adani Group stocks were coming under selling pressure, with Adani Power and Adani Total Gas falling around 1 percent, after reports that two offshore shell companies registered in British Virgin Islands (BVI), named by Financial Times, are linked to the Adani Group.
Kama Holdings rose about 1 percent ahead of a board meet to consider a bonus issue. Torrent Pharma dropped around 1 percent on reports that it has submitted a non-binding bid to acquire stake in Cipla.
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