Indian shares inch up as metal, energy stocks gain

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Indian shares opened slightly higher on Wednesday, with metal, energy and information technology stocks gaining, as investors eye the central bank’s policy meeting outcome expected later this week.

The NSE Nifty 50 index was up 0.16% at 17,372.85, as of 0352 GMT, and the S&P BSE Sensex rose 0.21% to 58,256.39.

Market participants will turn focus to the Reserve Bank of India’s (RBI) three-day monetary policy meeting which begins on Wednesday.

With inflation at multi-year highs, the RBI’s monetary policy committee is seen raising rates, though the views on the quantum of increase were split wide between 25 basis points and 50 basis points, a Reuters poll of economists showed.

In domestic trading, the Nifty’s metal index, energy index and IT index rose between 0.4% and 0.5%.


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