January 3, 2018 / 6:27 AM / 6 months ago

Indian shares gain on hopes of global economic recovery

* Nifty Metal index hits record high

* Earnings season awaited - analyst

By Tanvi Mehta

Jan 3 (Reuters) - Indian shares rose on Wednesday, tracking strong Asian markets which rose on expectations of an improvement in the global economy, but gains were capped ahead of key corporate results starting next week.

The gains in riskier assets came as industry surveys from Germany and Canada showed quickening activity.

The MSCI’s index of Asia-Pacific shares outside Japan rose 0.4 percent, having jumped 1.4 percent on Tuesday in its best performance since last March.

Investors in India are awaiting corporate results, including from Tata Consultancy Services Ltd and Infosys Ltd that are scheduled next week, amid signs the economy is recovering after the withdrawal of high-denomination currency bills in late 2016 and the introduction of a national goods and services tax last year.

“Market is moving on global cues. Until results start coming out, it will be fundamentally moving on external factors,” said Jayant Manglik, president, retail distribution, Religare Broking.

“This earnings season will be the most important in a long time as expectation is that impact of demonetisation and GST would have been completely absorbed.”

The broader NSE index was up 0.36 percent at 10,480 as of 0552 GMT.

The benchmark BSE index was 0.29 percent higher at 33,908.98.

Market heavyweight Reliance Industries Ltd contributed the most to index gains after it said on Tuesday it commissioned a refinery off-gas cracker at Jamnagar in Gujarat.

Metal stocks continued to rise with the Nifty Metal index gaining as much as 1.8 percent to a record high. Hindalco Industries Ltd and Vedanta Ltd were among the top percentage gainers on the Nifty 50. (Reporting by Tanvi Mehta in Bengaluru; Editing by Vyas Mohan)

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