Indian shares rose sharply on Tuesday despite mixed global cues. Dollar weakness, easing bond yields and expectations for a swifter economic recovery helped markets reverse their earlier losses.
Rating agency Crisil today said it expects the Indian economy to grow 11 percent in FY22 after 8 percent contraction in FY21 due to the coronavirus pandemic-induced recession.
“While the first half next fiscal will benefit optically because of low-base effect, the second half would see a more broad-based pick-up in economic activity owing to a commodity price lift, large-scale vaccinations and likely stronger global growth,” it said.
The benchmark S&P BSE Sensex ended the session up 584.41 points, or 1.16 percent, at 51,025.48, driven by buying in banking and IT stocks. The broader NSE Nifty index jumped 142.20 points, or 0.95 percent, to settle at 15,098.40.
SBI Life Insurance shares jumped 5 percent after the company reported strong growth in new business premiums in the month of February. HDFC, Tech Mahindra, HDFC Bank and Kotak Mahindra Bank all rallied about 3 percent.
Balmer Lawrie shares surged 4.7 percent amid reports that the government may disinvest stake in the company.
Oil marketing companies, which have held back petrol and diesel price revisions for a week, were among the prominent decliners.
IOC dropped 2.9 percent and BPCL shed 4.6 percent. State-owned gas utility GAIL tumbled 3.3 percent and Tata Steel gave up 3.9 percent.
Market Analysis
Sensex Ends Above 51k; Nifty Nears 15,100
2021-03-09 11:19:24
