Indian shares up as metal stocks rise amid gains in Asia
Indian shares up as metal stocks rise amid gains in Asia

Indian shares up – While investors anticipated U.S. inflation data later in the day for signals on the pace of interest rate hikes from the Federal Reserve, Indian stocks edged higher on Wednesday, powered by metal and energy sectors, echoing advances in Asian stocks.

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Indian shares up as metal stocks rise

As of 0348 GMT, the NSE Nifty 50 index was up 0.29 percent to 16,287.90, while the S&P BSE Sensex was up 0.21 percent to 54,480.36. On Tuesday, the benchmark indices fell for the third day in a row.

The metal index on the Nifty increased 1.7 percent after closing 5.2 percent down the previous session. The energy, finance, and auto sub-indices of the Nifty were also among the gainers, rising between 0.6 and 1 percent.

Adani Ports, a Nifty 50 component, is expected to release quarterly results later in the day, up 1.6 percent.

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Cipla, a pharmaceutical company, slumped 1.9 percent, dragging the Nifty pharma index down 0.15 percent. The company posted a combined net profit of 3.62 billion rupees in the March quarter, down 12.4 percent from the previous year.

Following close to two-year lows in the previous session, Asian stocks moved higher on Wednesday, ahead of closely watched US inflation data. Later in the day, at 1230 GMT, the US consumer price index for April will be released.

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