Sensex, Nifty Extend Gains For Second Day On China Growth Optimism
(RTTNews) - Indian shares rose modestly on Tuesday, extending the previous session's rally on hopes that China's economic reopening will lead to increased demand next year.
Risk sentiment improved in financial markets after China said it would end travel restrictions and quarantine for inbound travelers from Jan. 8 — symbolizing an end to its zero-COVID policy that has been in place for nearly three years.
A weaker dollar also offered some support while rising oil prices and caution ahead of upcoming derivatives expiry served to limit the upside in the broader market.
The benchmark S&P/BSE Sensex ended the session up 361.01 points, or 0.60 percent, at 60,927.43, while the broader NSE Nifty-50 index jumped 117.70 points, or 0.65 percent, to close at 18,132.30.
Metal stocks led the surge after reports that most Chinese cities could recover from the first wave of the latest COVID-19 outbreak by January. JSW Steel, Tata Steel and Hindalco surged 4-6 percent.
Automaker ONGC gained 2.2 percent, tracking higher oil prices in international markets. Tata Motors added 2.7 percent after announcing an EV electric car sub brand.
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