BENGALURU, June 21 (Reuters) - Sharp gains in metal and
technology stocks set India's blue-chip indexes on course for
their best session in over three weeks on Tuesday, even as
investors grappled with worries over a possible hit to growth
from aggressive central bank rate hikes.
The NSE Nifty 50 index rose 1.25% to 15,541.6, as of
0437 GMT, while the S&P BSE Sensex climbed 1.19% to
The blue-chip indexes are set for a second straight session
of gains after suffering heavy losses last week on fears that
aggressive rate hikes around the globe to curb inflation could
lead to a recession.
"A rebound was expected after the heavy beating the market
took last week, but market sentiment is still pessimistic on
rate hike worries; people are still struggling," said Saurabh
Jain, assistant vice president research at SMC Global
While the Nifty and Sensex made a modest recovery on Monday,
the Nifty Smallcap 100 and the Nifty Midcap 100
suffered hefty losses. On Tuesday, the Nifty
Smallcap climbed 2% and the Nifty Midcap rose 1.8%.
"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," Jain added.
The Nifty IT index, which has plummeted over 30%
this year, rose as much as 2.4%.
The Nifty Metal index climbed 2.3% after
plumbing 14-month lows in the previous session. The Nifty Auto
index advanced 1.5%.
KEC International climbed 5.9% after the
construction company said it bagged orders worth 10.92 billion
rupees ($139.97 million).
Suven Life Sciences surged 16.3% 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 as much as 5.6%
in its biggest intraday gain since mid-October, 2021.
($1 = 78.0150 Indian rupees)
(Reporting by Chris Thomas in Bengaluru; Editing by Shailesh