Indian shares rebound as auto, metal stocks rally - Reuters.com

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A man wearing a protective mask walks past the Bombay Stock Exchange (BSE) building in Mumbai, India, March 13, 2020. REUTERS/Francis Mascarenhas

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BENGALURU, May 20 (Reuters) - Gains in auto and metal stocks helped Indian shares rebound on Friday after their worst session in nearly three months, with strength in broader Asian markets underpinning the positive sentiment.

The NSE Nifty 50 index (.NSEI) was up 1.9% at 16,110.30 by 0358 GMT and the S&P BSE Sensex (.BSESN) rose 1.37% to 53,515.97. Both the indexes fell over 2% on Thursday on inflation jitters, but were set to end a five-week losing streak.

Asian peers also advanced, with MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) gaining 1.5% after China cut a key lending rate to support an economy dented by its zero-COVID policy.

In India, all 50 stocks on the Nifty 50 index were trading higher. Nifty's auto index (.NIFTYAUTO) and metal index (.NIFTYMET) were up 2.5% and 3.4%, respectively.

Truck and bus maker Ashok Leyland (ASOK.NS) jumped more than 6% after the company late on Thursday reported an over three-fold increase in profit for the March quarter.

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Reporting by Rama Venkat in Bengaluru; Editing by Aditya Soni

Our Standards: The Thomson Reuters Trust Principles.

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