Indian shares scale peaks on metals boost; GDP data in focus

FILE PHOTO: People walk past the Bombay Stock Exchange (BSE) building in Mumbai, India, November 4, 2020. REUTERS/Francis Mascarenhas

BENGALURU (Reuters) – Indian stock indexes touched record highs in choppy trade on Tuesday, helped by metals’ stocks and telecom major Bharti Airtel, with investors awaiting economic growth data due later in the day.

The blue-chip NSE Nifty 50 index was up 0.29% at 16,980.60 by 0518 GMT and the benchmark S&P BSE Sensex rose 0.30% to 57,060.50. The Nifty 50 and the Sensex are set to post their best monthly performance since December and November, respectively.

“After a run-up in the market, it should take a breather and then take cues from global markets. A consolidation is long overdue, which should happen,” Neeraj Dewan, director at Quantum Securities, said, adding that the market would be closely watching the GDP print for any deviation from expected lines.

India’s GDP data is set to be released at 1200 GMT. A Reuters survey of economists showed that the country’s economy likely rebounded in the April-June quarter from a deep slump last year on improved manufacturing. This is despite a devastating second wave of COVID-19 cases.

Heavyweight Bharti Airtel jumped as much as 3.1% and was within a reaching distance of a record high. Its founder said on Monday the wireless carrier wanted to improve access to growth capital and reduce debt leverage, a day after it announced plans to raise up to 210 billion rupees ($2.87 billion).

The Nifty Metal index <.NIFTYMET — among the top performers among other sub-indexes — rose 0.85%, with Adani Enterprises Ltd and Tata Steel Ltd gaining 2.3% and 0.92%, respectively.

The Nifty Finance index added 0.28%, with Bajaj Finance Ltd rising 1.6%.

In the broader Asian markets, stocks fell as worries about China’s slowing economic growth weighed on sentiment. [MKTS/GLOB]

($1 = 73.2800 Indian rupees)

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