January 29, 2020 / 10:46 AM / 7 months ago

Indian shares end higher after selloff; Tata Motors, Bajaj Finance jump

* Tata Motors rises 6.8% on plans to make electric cars

* Bajaj Finance up nearly 5% after higher profit

* Nifty metals index recoups some losses

BENGALURU, Jan 29 (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 NSE Nifty 50 index ended 0.61% higher at 12,129.50, while the S&P BSE 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 federal 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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