Indian shares posted strong gains on Monday to reach fresh record highs, with financials leading the market rally.
India’s retail inflation came down further to the lowest in 16 months in January, raising hopes that the Reserve Bank of India (RBI) will continue with its accommodative stance and keep the policy rates in a pause mode over the next six to nine months.
The wholesale price index rose 2.03 percent year-on-year in January, after a 1.22 percent increase in December, another report showed. Economists had expected a 1.3 percent rise.
Global cues remained supportive as falling coronavirus infections as well as bets of more U.S. stimulus fueled optimism around a faster global economic recovery this year.
The benchmark S&P BSE Sensex ended up 609.83 points, or 1.18 percent, at 52,154.13, after having scaled a record high of 52,235.97 earlier in the day.
The broader NSE Nifty index settled at new record of 15,314.70, up 151.40 points, or 1.0 percent, from its previous close.
IndusInd Bank, Bajaj Finance, SBI, ICICI Bank and Axis Bank surged 3-6 percent, while TCS, Tata Steel, Dr Reddy’s Laboratories, HDFC Life and SBI Life dropped 1-2 percent.
Market Analysis
Sensex, Nifty Hit Record Closing Highs
2021-02-15 11:15:32
