BENGALURU, June 27 (Reuters) - Indian shares joined a rally
in global stock markets to close at a more than two-week high on
Monday, led by technology and metal stocks, as easing oil prices
tempered inflation fears.
The NSE Nifty 50 index rose 0.85% to 15,832.05, and
the S&P BSE Sensex climbed 0.82% to 53,161.28, with
both the indexes gaining for a third straight session.
"While the change in mood has come as a major relief, the
optimism may remain for a few more sessions before the market
turns volatile amid concerns over slowing global economy due to
rate hikes and continuing foreign fund outflows," said Shrikant
Chouhan, head of equity research (retail) at Kotak Securities.
Worries around inflation and policy have driven the
benchmark indexes down around 4.5% each for the month so far,
putting them on track for their worst month since the
pandemic-hit March in 2020.
On Monday, the Nifty IT was the best performing
sub-index in Mumbai, jumping 2.3% to its highest since June 10,
boosted by a 2.8% rise in heavyweight Infosys.
The Nifty Metal index, which has fallen sharply
this month, rose 1.5%.
Welspun Corp jumped 4.5% after the steel products
maker said it received orders worth 6 billion rupees.
Shares of two- and three-wheeler maker Bajaj Auto
gave up some of the early gains, settling 1.3% higher, as
analysts said its 25 billion rupee ($319.23 million) open market
share buyback announcement disappointed investors.
Aurobindo Pharma slipped 1% after the drugmaker
said it received a warning letter from the Indian market
regulator for not complying with disclosure regulations
regarding an U.S. Food and Drug Administration's audit on its
Food delivery firm Zomato slid 6.6%, after rising
3.1% in early trade, following a deal to buy local
grocery-delivery startup Blinkit for 44.47 billion rupees
($1 = 78.3125 Indian rupees)
(Reporting by Chris Thomas in Bengaluru;
Editing by Vinay Dwivedi)