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

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BENGALURU, Jan 2 (Reuters) – Indian shares opened marginally higher on Monday, the first trading session of 2023, helped by a rise in metals.

The Nifty 50 index was up 0.14% at 18,129.95 as of 9:28 am IST, while the S&P BSE Sensex was up 0.12% at 60,917.55.

Most of the major sectoral indices recorded gains.

The metals rose more than 1.5% after China announced plans to raise export tariffs on aluminum from January 1 in a bid to boost domestic demand, which analysts said would help it -market share growth for Indian companies.

Asian markets were trading mixed, with the MSCI Asia ex-Japan index rising 0.05%.

The managing director of the International Monetary Fund (IMF) has warned that 2023 will be a tougher year than 2022 for the global economy as all the main drivers of global growth – the United States, China and Europe – experience a weakening activity.

Oil prices rose on the year-end holiday travel, with Brent crude futures at around $86 a barrel. Higher oil prices hurt oil-importing countries like India, where crude oil makes up 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)

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