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Sensex, Nifty Gain On Earnings Optimism; IT Stocks Decline
(RTTNews) - Indian shares rose notably on Tuesday, with firm global cues and hopes for strong quarterly earnings helping underpin investor sentiment.
The benchmark S&P/BSE Sensex climbed 311.21 points, or 0.52 percent, to 60,157.72, extending gains for a seventh day running.
The broader NSE Nifty index settled 98.25 points, or 0.56 percent, higher at 17,722.30, with banks, auto and metal stocks leading the surge. Kotak Mahindra Bank jumped 4.6 percent after reports that its weightage in the MSCI index may rise.
Metal stocks such as Tata Steel and JSW Steel rallied 3-4 percent as copper prices reached one-week high on dollar weakness and China stimulus hopes.
China's consumer inflation hit an 18-monht low in March and producer price deflation deepened further, creating room for the country's central bank to potentially ease its monetary policy.
Auto stocks such as Bajaj Auto and Eicher Motor rose around 3 percent each on analyst recommendations.
IT stocks underperformed ahead of earnings from tech giants TCS and Infosys due this week.
Tech Mahindra, Wipro, HCL Technologies, Infosys and TCS fell 1-2 percent.
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