Indian shares rose notably on Thursday to reach record closing highs, despite mixed cues from other Asian and European markets.
As new COVID-19 cases continue to decline in the country, market participants are pinning hopes of a swifter economic reopening.
India has recorded 1,34,154 fresh COVID-19 cases in the last 24 hours along with 2,887 deaths, the health ministry said in a statement. The positivity rate was recorded below 10 percent for the tenth straight day.
Investors, meanwhile, shrugged of data showing that activity in India’s dominant services industry contracted in May for the first time in eight months.
After seeing a lackluster trend in the previous two sessions, the benchmark 30-share S&P BSE Sensex ended today’s session up by 382.95 points, or 0.74 percent, at 52,232.43.
The broader NSE Nifty index rose 114.15 points, or 0.73 percent, to settle at 15,690.35 ahead of the RBI monetary policy decision due Friday.
The central bank is expected to maintain status quo on interest rates and reaffirm its commitment to provide adequate liquidity to support credit offtake and anchor bond yields.
Titan Company shares surged 6.8 percent as gold prices surged on the MCX.
ONGC jumped 5 percent as oil prices hit a two-year high on expectations for surging fuel demand later this year.
Axis Bank, Larsen & Toubro and Eicher Motors rallied 2-3 percent.
Realty stocks were in the limelight, with Phoenix climbing 7.3 percent and Oberoi Realty surging 9.7 percent as the Union Cabinet approved Model Tenancy Act aimed at opening up of the vacant housing stock for rental housing purposes.
On the flip side, IndusInd Bank dropped 2.2 percent after a report based on a year-old Cayman Islands order on Hinduja Bank resurfaced.
Market Analysis
Sensex, Nifty End At Record Highs
2021-06-03 10:51:05
