Financials, energy stocks boost Indian shares

This post was originally published on this site

FILE PHOTO: Gardeners work outside the National Stock Exchange (NSE) building in Mumbai, India, August 16, 2018. REUTERS/Francis Mascarenhas/File Photo

BENGALURU (Reuters) – Indian shares climbed on Thursday after two straight sessions of muted trading, as heavyweight financials and energy stocks gained, with sentiment aided by a positive finish on Wall Street overnight.

The blue-chip NSE Nifty 50 index rose 0.45% to 15,645.40 by 0529 GMT, while the benchmark S&P BSE Sensex rose 0.42% to 52,065.02.

Investors also eyed the Reserve Bank of India’s meeting on Friday where it is expected to keep its key rate at a record low but reaffirm its commitment to provide adequate liquidity as the country grapples with a deadly second wave of the COVID-19 pandemic.

“The market has rejuvenated after two days of subdued trading and it is also taking cues from overnight gains seen in the U.S. markets,” said Anand James, chief market strategist at Geojit Financial Services.

Wall Street’s main indexes closed higher on Wednesday, ahead of U.S. payrolls data later this week, while broader Asian markets on Thursday were trading a touch below a three-month high hit recently.

In domestic trading, financials lifted the Nifty 50 index, with the Nifty Bank Index rising 0.36% and the Nifty Private Bank Index adding 0.41%.

The Nifty energy index was up 0.52%, with Reliance Industries Ltd and Oil and Natural Gas Corporation Ltd rising 0.6% and 2.9%, respectively.

Reliance, which has advanced for six straight sessions, and Kotak Mahindra Bank Ltd were among the top boosts to the Nifty 50.

Meanwhile, the country continued to see a decline in daily COVID-19 cases, with data from the health ministry showing 134,154 fresh infections in the last 24 hours. Its total tally of cases now stands at 28.4 million.

Reporting by Rama Venkat in Bengaluru; editing by Uttaresh.V

Related Posts