Indian shares open higher; metals lead gains
Updates at 9:16 a.m. IST
BENGALURU, Aug 20 (Reuters) -Indian shares tracked Asian peers higheron Tuesday, helped by improving metals demand from China and on hopes thatthe U.S. Federal Reserve will start cutting rates soon.
The NSE Nifty 50 index .NSEI was up 0.25% at 24,639.7 as of 9:16 a.m. IST, and the S&P BSE Sensex .BSESN rose 0.28% to 80,658.94.
All 13 major sectors logged gains. Metals .NIFTYMET gained 0.7% and was the top sectoral gainer, helped by signs of improving demand in top consumer China and a sliding U.S. dollar on expectations of Federal Reserve rate cut in September.
Weaker U.S. dollar makes metals cheaper for holders of other currencies. MET/L
The broader, more domestically focussed small- .NIFSMCP100 and mid-caps .NIFMDCP100 gained about 0.5% each.
Meanwhile, other Asianmarkets also rose, with the MSCI ex-Japan .NIAPJ0000PUS gaining0.3%.
($1 = 83.8520 Indian rupees)
Reporting by Kashish Tandon and Bharath Rajeswaran in Bengaluru; Editing by Nivedita Bhattacharjee
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