BENGALURU, June 21 (Reuters) - Indian shares posted their
best session in three weeks on Tuesday, lifted by sharp gains in
metal and technology stocks as investors hunted for bargains in
beaten-down sectors following last week's brutal sell-off.
The NSE Nifty 50 index rose 1.88% to 15,568.8 while
the S&P BSE Sensex climbed 1.81% to 52,532.07.
The blue-chip indexes closed higher for a second straight
session after suffering heavy losses last week on fears that
aggressive rate hikes around the globe to curb inflation could
lead to a recession.
Analysts said that while a rebound was expected after the
sell-off, market conditions remained uncertain.
"It is difficult to predict whether we have reached the
bottom. However, if crude corrects more, there is hope that
central bank hawkishness may recede," said Saurabh Jain,
assistant vice president, research at SMC Global Securities.
The Nifty Smallcap 100 and the Nifty Midcap
100, which were beaten heavily on Monday, climbed
around 3.5% each on Tuesday.
The Nifty IT index, the worst performing
sub-index so far this year, jumped 3.1%, while the Nifty Metal
index climbed 4% after plumbing 14-month lows in the
previous session. The Nifty Auto index advanced 2%.
The Nifty PSU Bank, which tracks state-owned
lenders, surged 4.1% with gains led by State Bank of India
and Bank of Baroda.
Three-wheeler maker Atul Auto jumped 5.5% on partnering with
French car parts maker Valeo and Honda for electrification of
Suven Life Sciences surged 19.8% after the
pharmaceutical company said it would consider a rights issue of
Watch and jewellery maker Titan Company was the
biggest percentage gainer on the Nifty, rising 5.9% on its best
day since October 2021.
($1 = 78.0150 Indian rupees)
(Reporting by Chris Thomas in Bengaluru; Editing by Shailesh
Kuber and Maju Samuel)