Indian shares rise as metal stocks extend gains on strong commodity prices

BENGALURU, May 10 (Reuters) – Indian shares rose for a fourth straight session on Monday as metal stocks climbed further on strong commodity prices, with Tata Steel scaling a fresh peak.

The NSE Nifty 50 index rose 0.77% to 14,944.25 by 0351 GMT, while the benchmark S&P BSE Sensex advanced 0.78% to 49,575.49. Last week, the indexes gained 1.3% and 0.9%, respectively.

Metal shares rose nearly 3% in early trade as iron ore futures surged on strong Chinese demand and copper prices hit a record high amid an outlook for tight supply and strong demand fuelled by a global economic recovery..

The sub-index added 4.73% on Friday and was on track for its fourth straight session of gain early on Monday.

Tata Steel rose 3.95% to a record high and was the top gainer on the Nifty 50 index.

Meanwhile, benchmark Nifty 50 component Hero MotoCorp slipped 0.66% in early trade after the world’s largest two-wheeler maker said it was extending closure of its manufacturing facilities across India until May 16 due to rising cases of the coronavirus infections.

Asian equity markets were firm on hopes that interest rates will remain low due to receding inflationary pressure after weak U.S. jobs data on Friday.

Source: Read Full Article