Equity indices edge higher, metal stocks gain

Mumbai (Maharashtra): Equity benchmark indices ticked up during early hours on Tuesday in line with global markets and supported by optimism that major economies will start recovering with relaxation from the COVID-19 lockdown.

At 10:15 am, the BSE S&P Sensex was up by 320 points or 1.04 per cent at 30,993 while the Nifty 50 edged higher by 92 points or 1.02 per cent at 9,131.

Except for Nifty IT, all sectoral indices at the National Stock Exchange were in the green with Nifty metal up by 2.4 per cent, private bank by 1.9 per cent and auto by 1.2 per cent.

Among stocks, JSW Steel moved up by 5.8 per cent to Rs 175.85 per share while Hindalco was up by 3.9 per cent to Rs 129.80 and Tata Steel by 3.1 per cent to Rs 283 per unit.

IndusInd Bank gained by 3.4 per cent, HDFC Bank by 3 per cent, ITC by 3.4 per cent, Eicher Motors by 3.1 per cent and Tata Motors by 2.6 per cent. However, Bharti Airtel, Tata Consultancy Services and Hero MotoCorp were in the negative zone.

Meanwhile, Asian shares forged ahead as investors looked past US-China trade tensions to more stimulus in China and a re-opening world economy.

Japan’s Nikkei rose by 2 per cent to its highest since early March while MSCI’s broadest index of Asia Pacific shares outside Japan added 1.4 per cent while South Korea’s Kospi rose by 1.1 per cent. (ANI)