India’s Nifty 50 index hit a five-month high on Tuesday as signs of a turnaround in Chinese economic activity boosted metal stock gains, with lower-than-feared domestic earnings results also adding to optimism in the face of rising coronavirus cases. A spike in China’s iron ore futures on the Dalian Commodity Exchange and data pointing to the growing speed of China’s economy boosted metal stocks in India, analysts said.
The Lovely Metal index soared to a peak of over five months as much as 3.26 per cent. Tata Steel Ltd has climbed 4.08%, while Hindalco Industries Ltd has climbed 4.48% to the top of the Nifty 50. At its highest since March 5, the NSE Nifty 50 index has risen as much as 0.92 per cent. At 11,356.75 by 0514 GMT it was up 0.76 percent and on course to finish higher for the sixth straight session.
Infections of coronavirus in India jumped from 53,601 to 2,27 million on Tuesday, the third highest caseload after the US and Brazil. Triveni Engineering and Industries Ltd ‘s shares jumped more than 15 per cent after quarterly income from the sugar manufacturer increased. On the Nifty 50, Titan Company Ltd was the biggest loser, falling as much as 4.57 per cent after a quarterly loss was reported on Monday by the watch manufacturer.