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On Wednesday, Indian shares climbed, led by a surge in metals, as markets welcomed China's approval of a massive sovereign bond offering as a sign of stimulus, while a drop in US Treasury yields and crude oil prices aided the mood.
As of 10:06 a.m. IST, the NSE Nifty 50 index (.NSEI) was up 0.10% at 19,301.25, while the S&P BSE Sensex (.BSESN) was up 0.09% at 65,631.85.
Metals (.NIFTYMET) rose 1.5% after China approved a trillion-yuan sovereign bond offering to fund infrastructure improvements. The top Nifty 50 gainers were Hindalco Industries (HALC.NS), Tata Steel (TISC.NS), and JSW Steel (JSTL.NS), with gains ranging from 1.2% to 3.5%.
Since the start of the Israel-Hamas military confrontations on October 9, India's Nifty has lost approximately 2%."The Middle East is likely to be a temporary factor," said Sanjiv Bhasin, director at IIFL Securities, adding that increased domestic mutual fund inflows and festive demand might re-energize the market.
Asian markets are up 0.6% (.MIAPJ0000PUS). Stocks on Wall Street rose overnight, supported by good quarterly reports.Treasury rates in the United States fell from multi-year highs ahead of the release of US GDP data and a key inflation index.
Meanwhile, Brent crude futures fell for the third straight session, falling to $88 per barrel. A drop in oil prices benefits importers of the product, such as India.Sugar equities such as Balrampur Chini Mills, Shree Renuka Sugar, and Dhampur Sugar rose between 2% and 4%, supported by a 12-year high in global sugar prices due to low supply.
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