Indian stocks open higher as technology and banking stocks gain

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A general view of the Bombay Stock Exchange (BSE), after Sensex first surpassed the 50,000 level, in Mumbai, India on January 21, 2021. REUTERS / Francis Mascarenhas

BENGALURU, Sept.21 (Reuters) – Indian stocks rebounded on Tuesday, helped by gains in tech and banking sectors, amid growing fears that Chinese real estate giant China Evergrande might default on its pile of debts have gripped the world markets.

The blue chip NSE Nifty 50 (.NSEI) rose 0.31% to 17,450.5 at 0340 GMT, and the benchmark S&P BSE Sensex (.BSESN) rose 0.24% to 58,630.06.

Indian stocks fell 1% on Monday as metals stocks plunged more than 6% on fears of a default by China Evergrande (3333.HK). Metals shares (.NIFTYMET) opened up 0.2% on Tuesday.

Investors are now awaiting clues to US monetary policy from a Federal Reserve meeting starting later today. The central bank is expected to lay the groundwork for a possible reduction in its bond buying program.

Technology stocks (.NIFTYIT) were up 0.6%, with HCL Technologies (HCLT.NS) up 1% to be the top winner in the Nifty 50 index.

Across Asia, markets were nervous over fears of a China Evergrande default spilling over into the Chinese real estate market, while trading was limited due to holidays in China, Taiwan and Korea from South.

Reporting by Soumyajit Saha in Bengaluru; Editing by Subhranshu Sahu

Our Standards: Thomson Reuters Trust Principles.


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