Sensex, Nifty Start 2023 Marginally Higher
Indian shares opened marginally higher today, the first trading session of 2023, helped by an uptick in metals.
The Nifty 50 index was up 0.14% at 18,129.95 as of 9:28 a.m. IST, while the S&P BSE Sensex rose 0.12% to 60,917.55.
Most of the major sectoral indexes logged gains.
Metals rose over 1.5% after China announced plans to raise export tariffs on aluminium from Jan. 1 in a bid to improve domestic demand, which analysts said will aid market-share growth for Indian companies.
Asian markets were trading mixed, with the MSCI Asia ex-Japan index rising 0.05%.
The International Monetary Fund’s (IMF) managing director warned that 2023 would be a tougher year than 2022 for the global economy as all the major engines of global growth-United States, China and Europe-experience weakening activity.
Oil prices rose on year-end holiday travel, with Brent crude futures at around $86 per barrel. Higher oil prices hurt oil-importing countries like India, where crude constitutes the bulk of the country’s import bill. [O/R]
Among individual stocks, Tata Motors rose nearly 2% after the company reported a 10% jump in domestic sales in December.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)