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Indian stocks increase in late 2022 led by metal

Indian stocks increased in the last half of 2022, led by the rise in metal stocks on Friday.

Indian stocks increase in late 2022 led by metal

Indian stocks increased, led by a rise in metals shares in late 2022, as investor sentiment improved after US data showed the Federal Reserve's aggressive monetary policy eased inflationary pressures.

The Nifty 50 index was up 0.10% to 18,209.20 and the S&P BSE Sensex was up 0.15% to 61,222.71.

Most of the major industry indexes posted gains, with metals up 1% and information technology 0.5%.

"The relaxation of Covid-19 restrictions in China will gradually normalize demand for metals and increased investment in renewable energy (globally) may stimulate initial demand for metals," said Deven Choksey, managing director of KRChoksey Holding.

Meanwhile, China, the leading metals consumer, announced that it plans to increase export duties on aluminum from January 1, 2023, in order to improve domestic demand. Analysts said this will help Indian companies grow market share.

Analysts attributed the rise in IT stocks to "bargain hunting after the recent correction in valuations" and expected December quarter earnings to be the next big trigger for the industry.

Wall Street stocks closed the night higher, with the MSCI Japan ex-Asia index up 0.35% for the day after the US weekly data showed on Thursday.

Unemployment claims rose, showing that the Fed's rate hikes are showing the intended impact on the labor market.

Thirty-three of the Nifty 50 components were up and Bajaj Finserv, ONGC, Bajaj Finance and Tata Steel gained more than 2%.

Among the individual stocks, transmission tower maker Skipper has topped out more than four years after receiving an order worth Rs 25.70 billion from Bharat Sanchar Nigam Ltd.


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