Indian stocks rose 0.55 percent Tuesday, snapping three days of losses, as investors bought into metal and banking chips, dealers said. The 30-share benchmark Sensex ended the day 90.8 points up at 16,692. Regional markets rose on hopes of a US economic recovery which led to fresh buying in Indian index stocks. "Banking stocks rose on regional trends," said a dealer at brokerage Sharekhan.
Indian markets have seen a surge in foreign capital flows of nearly 17 billion dollars this year which have pushed the Sensex up 73 percent. The Sensex has more than doubled since March. Gainers led losers 1,694 to 1,107 on low turnover of 36.16 billion rupees (772 million dollars).
The world's eighth-largest steel maker Tata Steel rose 22.5 rupees or 3.97 percent to 577.6 as global metal prices firmed. The company last week said its European unit Corus recently secured a 350-million-euro (501-million-dollar) contract to supply rails tracks to French railway operator SNCF.
India's biggest mobile phone company, Bharti Airtel, rose 11.9 rupees or 3.84 percent to 322, on media reports the government plans to start auctioning third-generation wireless spectrum as scheduled from mid-January next year. India's largest private aluminium producer, Hindalco, rose five rupees or 3.65 percent to 142.15, on higher global metal prices.
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