Wednesday, May 25

Indian shares jump after falling for two straight sessions


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BENGALURU — Indian shares rebounded on Tuesday after sharp losses in the last two sessions, tracking broader Asian market and as investors bet on strong domestic earnings.

The NSE Nifty 50 index was up 1.25% at 17,164.15, as of 0356 GMT, while the S&P BSE Sensex rose 1.22% to 57,273.50. Both the indexes fell over 1% in the last two sessions.

All major Nifty sub-indexes were trading in positive territory with the Nifty Auto index leading the pack, rising 2% early on Tuesday.

Nifty Energy index rose 1.1% as oil prices rebounded while the fast-moving consumer goods sub-index rose 1.7%, having fallen 1.6% in the previous session.

Among individual gainers, Mahindra CIE Automotive surged 10% after its March quarter net profit jumped.

Nifty components Bajaj Finance and HDFC Life Insurance Co were up 1.9% and 0.5% respectively, ahead of March quarter results.

Meanwhile, Asian shares were cautiously higher with MSCI’s broadest index of Asia-Pacific shares outside Japan inching up 0.8%, though global growth fears stoked by China’s stringent COVID-19 curbs and an expected streak of aggressive Federal Reserve tightening hurt risk appetite.

(Reporting by Chandini Monnappa in Bengaluru; Editing by Vinay Dwivedi)



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