Nifty bounce as consumer shares rise

  • Reuters
  • Stock Market News
Nifty bounce as consumer shares rise
Credit: © Reuters.

By Sachin Ravikumar

BENGALURU, Nov 20 (Reuters) - Indian shares rose on Friday after a sharp fall in the previous session, taking their cue from a stronger finish on Wall Street and driven by signs that business activity is picking up faster than expected.

Most sectors were trading higher but banking .NSEBANK fell for a second straight session after a sharp run-up earlier this month.

Consumer products companies Nestle NEST.NS , Titan TITN.NS and ITC ITC.NS were among the top boosts to the NSE Nifty 50 index .NSEI , which was up 0.23% at 12,800.35 by 0515 GMT after a more than 1% drop on Thursday.

The S&P BSE Sensex .BSESN was 0.19% higher at 43,682.44.

Indian stocks have climbed sharply in November, the best month so far this year for inflows from foreign institutional investors, on the back of positive COVID-19 vaccine trial results and a better economic outlook than earlier.

On Thursday, Barclays (LON: BARC ) lifted its fiscal 2022 growth forecast for the Indian economy to 8.5% from 7%, while Moody's reportedly projected a smaller contraction than earlier for fiscal 2021. including autos, real estate and metals are receiving more investor attention compared with early winners in the pandemic such as healthcare or IT on signs that businesses are reopening, said Saurabh Jain, assistant vice president at SMC Securities in New Delhi.

"The open-economy theme is playing out... markets are expecting that things will return to normal sooner than earlier," Jain said.

The Nifty realty .NIFTYREAL , auto .NIFTYAUTO and metals .NIFTYMET indexes were all higher on Friday and have gained 10% or more this month.

Among companies, SpiceJet SPJT.NS rose 3% and was poised for a fourth straight session of gain.

Gland Pharma GLAD.NS shares rose as much as 20% in their market debut. 500 futures slipped while Asian markets were mixed after U.S. Treasury Secretary Steven Mnuchin called for an end to pandemic relief for struggling businesses. MKTS/GLOB

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