Gains in auto and metal stocks helped Indian shares rebound on Friday after their worst session in nearly three months, with strength in broader Asian markets underpinning the positive sentiment.
The NSE Nifty 50 index was up 1.9% at 16,110.30 by 0358 GMT and the S&P BSE Sensex rose 1.37% to 53,515.97. Both the indexes fell over 2% on Thursday on inflation jitters, but were set to end a five-week losing streak.
Asian peers also advanced, with MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS gaining 1.5% after China cut a key lending rate to support an economy dented by its zero-Covid policy.
In India, all 50 stocks on the Nifty 50 index were trading higher. Nifty’s auto index and metal index were up 2.5% and 3.4%, respectively.
Truck and bus maker Ashok Leyland jumped more than 6% after the company late on Thursday reported an over three-fold increase in profit for the March quarter.