Sensex, Nifty Rise As Metal Stocks Rally After China Data
(RTTNews) - Indian shares opened higher on Friday, tracking firm cues from global markets on expectations of a lenient monetary policy from the U.S. Federal Reserve.
The benchmark S&P BSE Sensex was up 226 points, or 0.3 percent, at 70,743 in early trade, while the broader NSE Nifty index was up 77 points, or 0.4 percent, at 21,259.
Metal stocks traded higher after China reported mixed economic data and the country's central bank pumped cash into the money market through reverse repos and the medium-term lending facility. Tata Steel, JSW Steel and Hindalco surged 2-3 percent.
Hero MotoCorp jumped 1.2 percent after announcing key management changes.
Also, the two-wheeler manufacturer said it would buy acquire additional stake in Ather Energy Pvt. Ltd., an associate company, from an existing shareholder.
Vedanta added 1.5 percent after securing $1.25 bn for debt refinancing. Texmaco Rail & Engineering soared 5.3 percent on bagging an order worth Rs 1,374.41 crore from the Ministry of Railways.
Mazagon Dock Shipbuilders rose over 1 percent after it launched India's fastest solar-electric boat, SaurShakti, in Kochi.
State Bank of India was marginally higher. The state-run lender bought a 6.35 percent stake in in Canpac Trends, which provides paper-based packaging solutions, for nearly Rs 50 crore.
PVR INOX was slightly higher. Media reports suggest that two PE funds are likely to offload a 2.33 percent stake in the multiplex chain in a bulk deal.
Adani Enterprises edged up slightly after pledging additional investment of Rs. 8,700 crores in Bihar.
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