Sensex, Nifty rise on metals, auto boost

Indian shares opened higher on Thursday after six consecutive sessions of losses, boosted by gains in metals and auto companies, with investors eyeing support from central banks to allay fears of a global recession.

The NSE Nifty 50 index rose 0.9 per cent to 17,005 in early deals, while the S&P BSE Sensex gained 0.9 per cent to 57,093.19.

Global equities staged a partial comeback on Wednesday, after Britain’s central bank launched an emergency bond buying programme to stabilise the bond market in an attempt to dampen investors’ concerns of a contagion across the financial system.

Foreign institutional investors sold a net ₹2,772 crore ($340.5 million) worth of equities on Wednesday, while domestic investors purchased ₹2,544 crore worth of shares, as per provisional data available with the National Stock Exchange.

The Nifty metals index rose 2.5 per cent, while the auto index gained 1.4 per cent.

Indian cosmetics-to-fashion retailer Nykaa’s parent FSN E-Commerce Ventures rose 4.3 per cent after the company said it will consider an issue of bonus shares.

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