INDIA STOCKS-Indian shares start 2023 marginally higher on metals boost

Indian shares opened marginally higher on Monday, the first trading session of 2023, helped by an uptick in metals. The Nifty 50 index was up 0.14% at 18,129.95 as of 9:28 a.m. IST,... | January 2,…

INDIA STOCKS-Indian shares start 2023 marginally higher on metals boost

BENGALURU, Jan 2 (Reuters) - Indian shares opened

marginally higher on Monday, the first trading session of 2023,

helped by an uptick in metals. The Nifty 50 index was up 0.14% at 18,129.95 as of

9:28 a.m. IST, while the S&P BSE Sensex rose 0.12% to

60,917.55. Most of the major sectoral indexes logged gains. Metals rose over 1.5% after China announced

plans to raise export tariffs on aluminium from Jan. 1 in a bid

to improve domestic demand, which analysts said will aid

market-share growth for Indian companies. Asian markets were trading mixed, with the MSCI Asia

ex-Japan index rising 0.05%. The International Monetary Fund's (IMF) managing director

warned that 2023 would be a tougher year than 2022 for the

global economy as all the major engines of global growth–United

States, China and Europe–experience weakening activity. Oil prices rose on year-end holiday travel, with Brent crude

futures at around $86 per barrel. Higher oil prices hurt

oil-importing countries like India, where crude constitutes the

bulk of the country's import bill. Among individual stocks, Tata Motors rose nearly

2% after the company reported a 10% jump in domestic sales in

December.

($1 = 82.7170 Indian rupees)

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by

Uttaresh.V and Savio D'Souza)