Indian shares rose for the third straight session on Friday as surging commodity prices helped lift metal stocks.
Amid RBI’s support to liquidity and firm global cues on the back of upbeat economic data, traders looked past a record daily rise in domestic coronavirus cases.
The benchmark 30-share BSE Sensex climbed 256.71 points, or 0.52 percent, to 49,206.47, while the broader NSE Nifty index ended up 98.35 points, or 0.67 percent, at 14,823.15.
Tata Steel shares ended 7.5 percent higher after hitting a new 52-week high earlier in the day as the company reported its best-ever performance during the January-March quarter of FY21.
Hindalco rallied 3.9 percent and JSW Steel advanced 3.4 percent amid strong commodity prices, with copper soaring to a record high on optimism about a global rebound from the coronavirus pandemic.
India’s largest mortgage lender, Housing Development Finance Corporation, gained 2.5 percent after it beat analysts’ expectations for quarterly profit.
Tata Consumer Products tumbled 3.5 percent and Dabur India lost nearly 2 percent after reporting earnings below estimates.
Automakers fell broadly, with Eicher Motor, Bajaj Auto and Hero MotoCorp losing 1- 2 percent.
Market Analysis
Sensex, Nifty Extend Gains For Third Day
2021-05-07 10:51:58
