Indian shares rose sharply on Tuesday, helping lift key benchmark indexes Sensex and the Nifty to fresh record closing highs.
Global cues were supportive as hopes for more policy support overshadowed economic risks from a surge in COVID-19 cases and concerns over China’s regulatory clampdown on private industries.
Closer home, investors awaited the GDP data for the first quarter due later in the day for clues to economic recovery.
A recent poll of economists suggests that India’s GDP grew roughly 20 percent in the June quarter.
In the three months between January and March, India’s economy grew 1.6 percent compared with a year earlier.
The benchmark 30-share BSE Sensex ended the session up 662.63 points, or 1.16 percent, at 57,552.39 while the broader NSE Nifty index settled at 17,132.20, up 201.15 points, or 1.19 percent, from its previous close.
Bharti Airtel jumped as much as 6.7 percent after reports of a possible investment running into thousands of crores by Google into the telco. The company, however, described the reports on likely investment by the U.S.-headquartered technology major as speculation.
Shree Cement, Eicher Motors, Hindalco and Bajaj Finance climbed 4-5 percent while IndusInd Bank, Nestle India and Tata Motors all ended down over 1 percent.
Market Analysis
Sensex Tops 57,500 Ahead Of GDP Data; Nifty Ends Above 17,100
2021-08-31 10:50:46
