Home Commodities Indian shares recover as ONGC, Hindalco rise on commodity rebound

Indian shares recover as ONGC, Hindalco rise on commodity rebound


Gardeners work outside the National Stock Exchange (NSE) building in Mumbai, India, August 16, 2018. REUTERS/Francis Mascarenhas

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BENGALURU, June 28 (Reuters) – Indian shares recouped early losses to close higher on Tuesday as oil explorer ONGC and aluminium producer Hindalco rose on a rebound in commodity prices after China relaxed some COVID-19 curbs.

The NSE Nifty 50 index (.NSEI) ended 0.11% higher at 15,850.2, and the S&P BSE Sensex (.BSESN) edged up 0.03% at 53,177.45 in last-hour buying, managing to gain for a fourth straight day after falling up to 0.7% each earlier in the session.

Rising oil prices put pressure on the rupee , which ended at a record closing low of 78.77 per dollar, after falling to an all-time low of 78.84 in the session.

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China eased some quarantine requirements for international arrivals on Tuesday, raising hopes for stronger growth and a revival in demand for commodities, pushing broader stocks and prices of metals and crude higher.

State-owned ONGC was the top Nifty percentage gainer, rising 5.6% to log its best session since mid-May. Hindalco Industries (HALC.NS) climbed 4.1%, gaining for a fourth straight session.

The Nifty Metal index (.NIFTYMET) rose 1.7% and the Nifty Energy index (.NIFTYENR) added 1%. The Nifty Auto index (.NIFTYAUTO) climbed 1.3%, boosted by a 2.7% rise in Mahindra and Mahindra (MAHM.NS).

Coal India (COAL.NS) advanced 2.7% to a near two-week high.

Meanwhile, shares of Titan Company (TITN.NS) slumped 3.5%, while Asian Paints (ASPN.NS), which uses crude derivatives, slid 3.4%, marking its worst day since May 25.

Food delivery firm Zomato (ZOMT.NS) plunged 8.4%, costing investors nearly $1 billion over two sessions after announcing a deal to buy local grocery-delivery startup Blinkit last week. read more

Despite the benchmark indexes’ multiple-session winning run, they are on course for their worst month since the pandemic-hit March of 2020 due to hefty losses earlier in June on inflation and interest rate worries.

($1 = 78.3000 Indian rupees)

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Reporting by Chris Thomas in Bengaluru; Editing by Subhranshu Sahu and Vinay Dwivedi

Our Standards: The Thomson Reuters Trust Principles.

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