AIRLINK 62.48 Increased By ▲ 2.05 (3.39%)
BOP 5.36 Increased By ▲ 0.01 (0.19%)
CNERGY 4.58 Decreased By ▼ -0.02 (-0.43%)
DFML 15.50 Increased By ▲ 0.66 (4.45%)
DGKC 66.40 Increased By ▲ 1.60 (2.47%)
FCCL 17.59 Increased By ▲ 0.73 (4.33%)
FFBL 27.70 Increased By ▲ 2.95 (11.92%)
FFL 9.27 Increased By ▲ 0.21 (2.32%)
GGL 10.06 Increased By ▲ 0.10 (1%)
HBL 105.70 Increased By ▲ 1.49 (1.43%)
HUBC 122.30 Increased By ▲ 4.78 (4.07%)
HUMNL 6.60 Increased By ▲ 0.06 (0.92%)
KEL 4.50 Decreased By ▼ -0.05 (-1.1%)
KOSM 4.48 Decreased By ▼ -0.09 (-1.97%)
MLCF 36.20 Increased By ▲ 0.79 (2.23%)
OGDC 122.92 Increased By ▲ 0.53 (0.43%)
PAEL 23.00 Increased By ▲ 1.09 (4.97%)
PIAA 29.34 Increased By ▲ 2.05 (7.51%)
PIBTL 5.80 Decreased By ▼ -0.14 (-2.36%)
PPL 107.50 Increased By ▲ 0.13 (0.12%)
PRL 27.25 Increased By ▲ 0.74 (2.79%)
PTC 18.07 Increased By ▲ 1.97 (12.24%)
SEARL 53.00 Decreased By ▼ -0.63 (-1.17%)
SNGP 63.21 Increased By ▲ 2.01 (3.28%)
SSGC 10.80 Increased By ▲ 0.05 (0.47%)
TELE 9.20 Increased By ▲ 0.71 (8.36%)
TPLP 11.44 Increased By ▲ 0.86 (8.13%)
TRG 70.86 Increased By ▲ 0.95 (1.36%)
UNITY 23.62 Increased By ▲ 0.11 (0.47%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,944 Increased By 65.8 (0.96%)
BR30 22,827 Increased By 258.6 (1.15%)
KSE100 67,142 Increased By 594.3 (0.89%)
KSE30 22,090 Increased By 175.1 (0.8%)

BENGALURU: Indian shares extended gains on Wednesday with auto and metal companies leading the recovery as investors bought recent market dips, though a global surge in Omicron COVID-19 cases kept investor sentiment in check.

The NSE Nifty 50 index rose 0.4% to 16,833 by 0456 GMT and the benchmark S&P BSE Sensex gained 0.3% to 56,485.04. Both the indexes were down more than 9% from a lifetime high hit in October.

Wednesday's gains follow a near 1% rise in India's benchmark indexes in the previous session after tumbling as much as 3% on Monday.

"Most of the fears and reaction to negative vibes look to be slightly overdone. Which is why we have seen a recovery rally in the past two sessions," said Anand James, chief market strategist at Geojit Financial Services.

Indian shares fall on inflation worries, hawkish central banks

"Markets have been pricing in most of the actions like US Federal Reserve rate action apart from Omicron. Even though the COVID scare is still there, we are much better prepared and not in a blind spot anymore," James said.

The Nifty auto index was up 1.5%, while the metals index gained 1.3%. Both the indexes had fallen 2.6% and 3.8% in Monday's broader sell-off.

Tata Motors was the top Nifty 50 gainer, rising 2.8%, while Power Grid Corp was the top drag, falling 2.3%.

Footwear retailer Metro Brands made its debut in Mumbai market at a discount of 13% compared with its initial public offering price of 500 rupees.

Meanwhile, India told state governments on Tuesday to be proactive and on the lookout for surges of the Omicron coronavirus variant after cases nearly doubled within a week across a dozen states.

Comments

Comments are closed.