BENGALURU: Indian shares snapped an eight-day losing streak on Wednesday, boosted by metal stocks on strong manufacturing activity data from top consumer China.
The Nifty 50 index rose 0.85% to 17,450.90, while the S&P BSE Sensex closed 0.76% higher to 59,411.08.
All the 13 major sectoral indexes advanced, with high weightage financials and information technology stocks adding 0.62% and 1.46%, respectively.
Metal index jumped nearly 4% and was the top sectoral gainer, with 14 of the 15 constituents logging gains.
Data on Wednesday showed manufacturing activity in China expanded at the fastest pace in more than a decade in February, as production zoomed after COVID-19 restrictions were lifted late last year.
“The surge in China’s manufacturing PMI indicates a rise in domestic consumption of commodities in the country, and is a major positive for the sector,” Pallav Agarwal and Suman Kumar, analysts at Antique Stock Broking, wrote in a note.
Asian markets also advanced, with the MSCI’s broadest index of Asia-Pacific shares outside Japan rising nearly 2%.
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