Indian shares rose sharply on Thursday, mirroring firm cues from global markets after U.S. President Joe Biden announced a multi-trillion-dollar infrastructure investment plan and the latest surveys showed Eurozone factory activity soared in March.
The dollar rally passed and yields steadied after the European Central Bank’s chief economist reportedly said that the ECB had no intention of curbing its support despite rising inflation.
Closer home, India’s goods and services tax (GST) collection in March this year hit a record high of Rs 1.23 lakh crore, suggesting that the economic recovery is gathering steam.
The benchmark 30-share BSE Sensex surged 520.68 points, or 1.05 percent to close at 50,029.83, while the broader NSE Nifty index ended up 176.65 points, or 1.20 percent, at 14,867.35.
Metal stocks were among the top gainers, with Tata Steel, Hindalco and JSW Steel surging 6-8 percent on expectations of a swift economic recovery from the coronavirus pandemic.
Among other gainers, UltraTech, Bajaj Finance, Axis Bank, Sun Pharma, ICICI Bank, Bajaj Auto, Kotak Mahindra Bank, IndusInd Bank and Adani Ports rose 2-4 percent.
NIIT shares soared 20 percent after the skill and training company announced that its share buyback offer worth Rs. 237 crore will commence on April 12.
Sensex Reclaims 50K; Nifty Tops 14,850
2021-04-01 11:03:30
