Indian shares start November on strong note; Tata Motors results in focus - Reuters India

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People walk past the Bombay Stock Exchange (BSE) building in Mumbai, India, March 9, 2020. REUTERS/Francis Mascarenhas

BENGALURU, Nov 1 (Reuters) - Indian shares kicked off November on a strong note as realty and metal stocks helped benchmark indexes rise on Monday after three straight sessions of losses, with investors awaiting Tata Motors Ltd's (TAMO.NS) quarterly results due later in the day.

By 0511 GMT, the blue chip NSE Nifty 50 index (.NSEI) had risen 0.41% to 17,744.95, while the benchmark S&P BSE Sensex (.BSESN) had gained 0.33% to 59,491.83.

Both indexes rose more than 30% this year to hit all-time highs last month, helped by a decline in COVID-19 cases, ample liquidity, a re-opening of the economy and expectations of a strong festive season.

However, they have lost more than 4% since their October highs on concerns about valuations and heavy selling by foreign institutional investors. The Nifty and the Sensex fell 3.3% each over the last three sessions.

"From the market perspective, what we saw over the last three-four days was a sharp correction, which generally is considered good when we have such a one-sided rally," said Gaurav Garg, head of research at CapitalVia Global Research.

Investors are back in buying mode, supported by strong September-quarter results, Garg said.

Of the 30 Nifty 50 companies that have reported September-quarter results so far, 17 have beaten estimates, Refinitiv Eikon data showed.

On Monday, the Nifty metal index (.NIFTYMET) gained 2.58%, helped by a 12% jump in Steel Authority of India (SAIL.NS) after the steelmaker posted a near eleven-fold surge in quarterly profit.

The Nifty realty index (.NIFTYREAL) climbed 3.47%. Demand for housing and office spaces is gaining traction as the economy opens up further and the festive season starts. This was reflected in quarterly results reported by DLF (DLF.NS) and Oberoi Realty (OEBO.NS) last week.

Among individual stocks, Tata Motors was down 0.8% ahead of its earnings report, while agrochemical maker UPL (UPLL.NS) fell 3.5% after missing quarterly profit expectations.

Reporting by Anuron Kumar Mitra and Gaurav Dogra in Bengaluru; Editing by Ramakrishnan M. and Subhranshu Sahu

Our Standards: The Thomson Reuters Trust Principles.

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