Indian shares advanced on Monday, tracking Asian peers, as an uptick in metals, power and information technology stocks outpaced the slide in consumer stocks.

The Nifty 50 index settled 0.55% higher at 19,753.80, while the S&P BSE Sensex rose 0.56% to 66,527.67.

Broader indexes extended gains with the domestic-focused small-caps and midcaps rising nearly 1% each.

Twelve of the 13 major sectoral indexes advanced with metal stocks gaining 1.77% after the world's top metal producer and consumer China said it will bring in measures to improve consumption and support economic recovery. Hindalco and Tata Steel were among the top Nifty 50 gainers.

"We may see some action in commodity stocks in the next few sessions due to sector rotation as well as stimulus measures from China," said Atul Suri, chief executive of Marathon Trends-PMS.

High-weightage IT stocks added 1.49% after data signalled cooling inflation in the United States, which accounts for the bulk of the revenue for the industry.

"Moderation in U.S. inflation could ease some nerves in IT sector, but sustained earnings growth is the necessary prerequisite for a definitive upmove," Suri added.

Fast moving consumer goods (FMCG) stocks lost more than 0.6%, dragged by lacklustre earnings from key constituents.

Beer maker United Breweries fell nearly 2% after its June-quarter profit slumped 15%.

Electricity generator NTPC surged 3.98% to a more-than-15-year high after reporting a jump in quarterly profit. It was the top Nifty gainer.

Natural gas distributor GAIL rose 1.36% to a near five-year high after UBS double-upgraded the stock

Car maker Maruti Suzuki gained 1.56% ahead of June quarter earnings scheduled post-market hours on July 31 and monthly auto sales data due on Aug. 1.

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Nivedita Bhattacharjee, Savio D'Souza and Dhanya Ann Thoppil)


Reuters