Indian shares closed higher on Monday, the first trading session of 2023, helped by an uptick in metals and financials.
Most of the major sectoral indexes logged gains, with metals rising 2.43% and 0.49%, respectively.
"COVID is the major monitorable in the very near term," said Yogesh Nagaonkar, founder and CEO of Rowan Capital Services, adding that banking stocks would likely outperform over the next few sessions on strong earnings outlook. 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.
Demand for metals would improve due to China's reopening as well, analysts added, if the COVID situation remains manageable in the world's second-largest economy.
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