Indian shares posted strong gains on Monday as a declining coronavirus caseload boosted market sentiment.
The daily new COVID cases being registered in India fell below 3 lakh after 26 days, but the death toll climbed to 2,74,390 with 4,106 fatalities, according to the health ministry.
Meanwhile, investors shrugged off official data, which showed India’s wholesale price-based inflation shot up to a record high of 10.49 percent in April, on rising prices of crude oil and manufactured items. Analysts said a low base of April last year contributed to the spike in inflation in April 2021.
The benchmark S&P BSE Sensex jumped 848.18 points, or 1.74 percent, to 49,580.73, while the broader NSE Nifty index ended up 245.35 points, or 1.67 percent, at 14,923.15. Banks and financials led gainers despite mixed global cues.
IndusInd Bank topped the gainers list to surge as much as 7.5 percent and SBI jumped 6.7 percent, while Axis Bank, HDFC Bank and ICICI Bank rallied 3-4 percent.
On the flip side, Nestle India, SBI Life, Larsen & Toubro, Bharti Airtel and Cipla dropped 1-2 percent.
Market Analysis
Sensex, Nifty Soar As Virus Cases Decline
2021-05-17 10:47:05
