Metal, IT stocks drive Indian stock benchmarks higher
The Nifty 50 (.NSEI), opens new tab rose 0.64% to 24,722.75 points and the BSE Sensex (.BSESN), opens new tab gained 0.52% to 81,018.72 on Monday, recovering from a two-day drop of about 1.1% after U.S. President Donald Trump announced 25% tariffs on India.
"We are seeing some recovery today after last week's reaction to tariff news. But the market should be range bound with a negative bias going ahead until some equilibrium is reached on U.S. tariffs," said UR Bhat, co-founder of tech-driven investment platform Alphaniti Fintech.
Fourteen of the 16 major sectors advanced on the day. The broader small-caps (.NIFSMCP100), opens new tab and mid-caps (.NIFMDCP100), opens new tab added 1.3% and 1.4%, respectively.
Metals (.NIFTYMET), opens new tab gained 2.5%, and were the top sectoral gainers, as a softer dollar made commodities cheaper for overseas buyers.
Meanwhile, IT stocks (.NIFTYIT), opens new tab, which get a significant chunk of revenue from the U.S., jumped 1.6% on hopes of a rate cut by the U.S. Federal Reserve after data showed weak labour market in the world's largest economy.
The U.S. added fewer jobs than expected in July, with sharp downward revisions to previous months, lifting bets of a September rate cut to 80% from 63% a week earlier.
Asian shares (.MIAPJ0000PUS), opens new tab rose 0.9% on growing hopes of lower U.S. interest rates, which tend to boost demand for emerging market equities like India among foreign investors.
Autos (.NIFTYAUTO), opens new tab too advanced 1.6%, led by Hero MotoCorp (HROM.NS), opens new tab and TVS Motor (TVSM.NS), opens new tab, following their strong July sales numbers.
Among other stocks, agro-chemicals manufacturer UPL (UPLL.NS), opens new tab soared 7% and was among top midcap gainers, as a growth in volumes and margin expansion in first quarter cheered investors.
Multi Commodity Exchange of India (MCEI.NS), opens new tab gained 5% after on strong quarterly earnings growth and announcement of a stock split.
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