Indian shares rose on Monday to hit record highs, with banking and IT stocks leading the surge on optimism over lockdowns getting lifted and the economy coming back to normal.
New Delhi and Mumbai began a gradual easing of lockdown restrictions as daily COVID-19 cases in the country hit a two-month low.
Data showed that India’s gross GST (Goods and Services Tax) collections in May (for sales in April) topped Rs 1 lakh crore for the eighth month in a row, reflecting the underlying strength and growth impulses in the economy.
The benchmark 30-share BSE Sensex hit as high as 52,378.69 before ending the session up 228.46 points, or 0.44 percent, at a fresh peak of 52,328.51.
The broader NSE Nifty index settled 81.40 points, or 0.52 percent, higher at a fresh peak of 15,751.65.
UltraTech Cement, Tata Motors, NTPC, Power Grid Corp and Adani Ports jumped 3-5 percent in the Nifty pack, while Bajaj Twins—Bajaj Finance & Bajaj Finserv—ended down 4.5 percent and 2.9 percent, respectively.
Cues from Asia and Europe were mixed after the release of downbeat Chinese and European data.
Yields ticked up and the dollar index strengthened as investors assessed comments from U.S. Treasury Secretary Janet Yellen on higher interest rates and awaited key U.S. inflation data due later in the week for directional cues.
Market Analysis
Sensex, Nifty Hit Fresh Closing Highs
2021-06-07 11:05:10
