Indian shares ended a choppy session modestly higher on Monday as the country’s daily COVID-19 cases continued to decrease after peaking on May 9, raising hopes for some resumption of economic activities.
India reported 2,22,315 new COVID-19 cases, taking the country’s tally to 2,67,52447. However, the COVID-19 death toll went past the 3-lakh mark after 4,454 people died due to the virus in the last 24 hours.
Domestic rating agency Icra today forecast a 2 percent uptick in India’s GDP growth during the March FY21 quarter, and 3 percent from the gross value-added perspective – meaning that the NSO projection of a double-dip contraction is avoided.
In another development, the Reserve Bank of India (RBI) surprised the Centre with a record Rs 99,122 crore in surplus transfer for FY21, helping cushion the fiscal deficit burden for the government.
The benchmark 30-share BSE Sensex ended the session up 111.42 points, or 0.22 percent, at 50,651.90 while the broader NSE Nifty index settled at 15,197.70, up 22.40 points, or 0.15 percent, from its previous close.
IOC soared 4.9 percent, HPCL added 2.9 percent and BPCL jumped 2.8 percent as oil climbed above $64 a barrel after Iran said gaps remain between the parties looking to return to the 2015 nuclear deal. Fears that a storm in the Gulf of Mexico might evolve into a hurricane also lifted oil prices.
SBI, which reported an 80 percent surge in Q4 net profit on Friday, advanced 2.4 percent.
Healthcare stocks were in focus with Natco Pharma climbing 9.7 percent on news that the company has initiated phase III clinical trials for its COVID-19 drug.
On the flip side, IndusInd Bank, Britannia Industries, Tata Steel, JSW Steel and Shree Cement fell between 1.4 percent and 2.5 percent.
MCX gave up 2.5 percent on reporting weak Q4 results.
Market Analysis
Sensex, Nifty End Choppy Session Higher
2021-05-24 10:37:57
