Indian shares track Asian markets higher, metal stocks shine

Gujarat Narmada Valley Fertilizers & Chemicals

02/01/2020 04:46

BENGALURU, Jan 2 (Reuters) - Indian shares rose on Thursday,
in line with Asian markets, as investors cheered Beijing's
monetary policy easing decision and upbeat cues on the Sino-U.S.
trade deal front.  
    The NSE Nifty 50 index  .NSEI  rose 0.3% to 12,219.25 by
0410 GMT on the second trading day of the year, while the S&P
BSE Sensex  .BSESN  climbed 0.32% to 41,433.09.
    China's central bank on Wednesday cut the amount of cash
that all banks must hold as reserves, releasing around 800
billion yuan ($114.91 billion) in funds to shore up the slowing
economy.  urn:newsml:reuters.com:*:nL4N29607P
    The news sent MSCI's broadest index of Asia-Pacific shares
outside Japan  .MIAPJ0000PUS  0.35% higher in morning trade.
 MKTS/GLOB 
    Aiding sentiment further was U.S. President Donald Trump's
announcement on Tuesday that the signing of Phase 1 trade deal
with China will take place on Jan. 15.  urn:newsml:reuters.com:*:nL1N2950CQ
    Among sub-indexes, the Nifty Metal index  .NIFTYMET  added
over a percent, with shares of Steel Authority of India
 SAIL.NS  advancing over 3.5%.
    The Nifty Auto index  .NIFTYAUTO  rose as much as 0.4%, led
by a near 1% gain in shares of Tata Motors Ltd  TAMO.NS .
    Index heavyweights like Reliance Industries Ltd  RELI.NS 
and miner Vedanta Ltd  VDAN.NS  rose in early trade, rising as
much as 0.95% and 1.36%, respectively. 
    Meanwhile, shares of Gujarat Narmada Valley Fertilizers &
Chemicals  GNFC.NS  tanked 4.38% to an over three-year low after
the company on Wednesday said the country's telecom regulatory
body had issued a demand notice to pay 150.20 billion rupees
($2.11 billion).  urn:newsml:reuters.com:*:nL8N2960DA
    
   
($1 = 71.3200 Indian rupees)

 (Reporting by Chandini Monnappa in Bengaluru; editing by
Uttaresh.V)
 ((Chandini.M@thomsonreuters.com; 910867497919;))