January 29, 2020 / 4:52 AM / 6 months ago

Nifty, Sensex end higher after selloff; Tata Motors, Bajaj Finance jump

A man walks past a screen displaying the new logo of the National Stock Exchange (NSE) inside its building in Mumbai, August 16, 2018. REUTERS/Francis Mascarenhas/Files

BENGALURU (Reuters) - Indian stock indexes closed higher on Wednesday following a sharp selloff this week, as investors snapped up beaten down metals stocks and took heart from strong corporate earnings reports.

The Nifty ended 0.61% higher at 12,129.50, while the Sensex closed up 0.57% at 41,198.66.

The Nifty had fallen some 1.8% over the past two sessions as investors fretted about the economic impact from a virus outbreak in China.

The Nifty metals index gained 0.89% on Wednesday, after falling sharply earlier this week, as metals and mining stocks came under pressure on worries about the coronavirus outbreak in China, the world’s top metals consumer.

Tata Motors was at the top of the Nifty, posting a 6.8% rise, after the automaker on Tuesday unveiled a major push towards clean vehicles.

Shares of Bajaj Finance rose 4.9% and clocked their best session in four months after the non-bank lender reported a higher quarterly profit and interest income.

Markets are keenly awaiting the announcement of the union budget on Saturday, when the government is expected to raise spending on infrastructure and cut some personal tax to spur consumer demand and investment.

Reporting by Sachin Ravikumar; Editing by Amy Caren Daniel

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