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Indian shares fall as Adani stocks weigh; CPI data eyed
  + stars: | 2021-06-14 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +1 min
FILE PHOTO: A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, India, December 11, 2018. REUTERS/Francis Mascarenhas/File PhotoBENGALURU (Reuters) - Indian shares on Monday retreated from record highs hit in the previous session, weighed down by Adani Group stocks, with investors awaiting consumer price inflation data (CPI) for May due later in the day. All Adani Group stocks, including Adani Enterprises Ltd and Adani Ports and Special Economic Zone Ltd, opened sharply lower after the Economic Times reported here that the National Securities Depository Ltd had frozen the accounts of three foreign funds that have a total investment of 435 billion rupees in Adani group companies. Investors now eye the CPI data, with a Reuters poll showing that the country’s retail inflation likely rose last month after a three-month low in April on higher food and energy prices. The central bank has assured that rising inflation will not last long enough to warrant a sooner-than-expected end to easy-money policies.
Persons: Francis Mascarenhas Organizations: REUTERS, Adani Group, BSE Sensex, Adani, Adani Enterprises, Economic, Ltd, Economic Times, National Securities Depository Ltd, Coal India, U.S Locations: Mumbai, India, BENGALURU, COVID, U.S . Federal
Indian shares end higher as Reliance gains; inflation data in focus
  + stars: | 2021-06-14 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +2 min
REUTERS/Francis Mascarenhas/File PhotoBENGALURU (Reuters) - Indian shares closed higher on Monday, boosted by conglomerate Reliance Industries Ltd and software major Infosys Ltd, while investors eyed more inflation data due later in the day. The blue-chip NSE Nifty 50 index ended 0.08% higher at 15,811.85, while the benchmark S&P BSE Sensex rose 0.15% to 52,551.53 at close. In Mumbai trading, Reliance Industries and Infosys were among the top performers on the Nifty 50, gaining 1.4% and 0.9%, respectively. Reliance shares have gained in five of the last eight sessions. Limiting gains was top Nifty 50 loser Adani Ports and Special Economic Zone Ltd, which slumped 8.5%.
Persons: Francis Mascarenhas, Lupin Organizations: REUTERS, Reliance Industries Ltd, Infosys Ltd, BSE, Reliance Industries, Infosys, Reliance, Economic, Ltd, National Securities Depository Ltd, Economic Times, Adani Enterprises, U.S . Food, Drug Administration, U.S Locations: Mumbai, India, BENGALURU, U.S, New Jersey, U.S . Federal
Asia-Pacific stocks mixed; bitcoin surges following Musk comments
  + stars: | 2021-06-14 | by ( Eustance Huang | ) www.cnbc.com sentiment -1.00   time to read: +1 min
SINGAPORE — Shares in Asia-Pacific were mixed in Monday trade, with multiple major markets in the region closed for holidays. Official data released Monday showed Japan's seasonally adjusted index for production rising 2.9% in April from the previous month. MSCI's broadest index of Asia-Pacific shares outside Japan traded 0.17% lower. In the cryptocurrency space, bitcoin jumped to trade at $39,292.37 as of 12:48 a.m. Those gains came after Tesla CEO Elon Musk said the electric vehicle maker will resume bitcoin transactions once it confirms " reasonable (~50%) clean energy usage by miners with positive future trend."
Persons: Korea's Kospi, bitcoin, Elon Musk Organizations: Nikkei, Singapore's Straits, BSE, Japan, Tesla Locations: SINGAPORE, Asia, Pacific, Japan, Southeast Asia, India, Coindesk, Australia, China, Hong Kong
Indian shares close at record high as COVID-19 curbs ease
  + stars: | 2021-06-11 | by ( Reuters Staff | ) www.reuters.com + 0.89   time to read: +2 min
BENGALURU (Reuters) - Indian shares ended at a record high on Friday, gaining for a fourth consecutive week as more states eased pandemic restrictions, with investors seeming confident that high U.S. inflation was transitory following the latest reading. FILE PHOTO: People walk past the Bombay Stock Exchange (BSE) building in Mumbai, India, November 4, 2020. REUTERS/Francis Mascarenhas/File photoThe blue-chip NSE Nifty 50 index rose 0.39% to 15,799.35 and the benchmark S&P BSE Sensex closed 0.33% higher at 52,474.76. The southern Indian state of Karnataka, home to the tech hub Bengaluru, announced on Thursday it would ease some COVID-19 restrictions in a phased manner. The country’s richest state Maharashtra, Prime Minister Narendra Modi’s home state of Gujarat and the Indian capital New Delhi have already announced relaxations.
Persons: Francis Mascarenhas, ” Amar Ambani, Narendra Modi’s Organizations: Bombay Stock Exchange, REUTERS, BSE, Yes Securities, Reliance Industries Ltd, Infosys Ltd, Tata Consultancy Services, Steel Authority of India Ltd Locations: BENGALURU, Mumbai, India, Karnataka, Bengaluru, Maharashtra, Gujarat, New Delhi
Indian shares open higher as IT, energy firms gain
  + stars: | 2021-06-10 | by ( Reuters Staff | ) www.reuters.com sentiment -0.58   time to read: +1 min
FILE PHOTO: A man walks past the Bombay Stock Exchange (BSE) building in Mumbai, India, March 6, 2020. REUTERS/Francis Mascarenhas/File photoBENGALURU (Reuters) - Indian shares rose on Thursday, with information technology and energy companies gaining the most, as investors awaited U.S. inflation data and the outcome of a European Central Bank meeting later in the day. The blue-chip NSE Nifty 50 index was up 0.35% at 15,681.80 and the benchmark S&P BSE Sensex rose 0.30% to 52,103.55 by 0346 GMT. Reliance Industries Ltd, Infosys Ltd and Tata Consultancy Services Ltd were among the top boosts to the Nifty 50, gaining between 0.7% and 0.8%. The Nifty IT index, which has gained 2% so far this week, was up 0.89%.
Persons: Francis Mascarenhas Organizations: Bombay Stock Exchange, REUTERS, European Central Bank, BSE, Reliance Industries Ltd, Infosys Ltd, Tata Consultancy Services, Federal Locations: Mumbai, India, BENGALURU, U.S
Financials boost Indian shares; U.S. inflation data eyed
  + stars: | 2021-06-10 | by ( Reuters Staff | ) www.reuters.com sentiment -0.99   time to read: +1 min
FILE PHOTO: A man walks past the Bombay Stock Exchange (BSE) building in Mumbai, India, March 6, 2020. REUTERS/Francis Mascarenhas/File photoBENGALURU (Reuters) - Indian shares closed up on Thursday, boosted by heavyweight financials stocks, with investors eyeing U.S. inflation data to gauge the Federal Reserve’s stance on trimming stimulus measures. The blue-chip NSE Nifty 50 index rose 0.65% to 15,737.75 and the benchmark S&P BSE Sensex climbed 0.69% to 52,300.47 at close. The Nifty PSU Bank Index, which tracks state-run banks, was a top performer among other sub-indexes with a 2.40% gain at close. Shares of Infosys Ltd, which have risen in five of the last eight trading sessions, rose 0.6%, lifting the Nifty IT index up 0.94%.
Persons: Francis Mascarenhas Organizations: Bombay Stock Exchange, REUTERS, BSE, Federal, Investors, European Central Bank, Bajaj Finance Ltd, State Bank of India, HDFC, Infosys Ltd Locations: Mumbai, India, BENGALURU, U.S
Indian shares open higher on financials, healthcare boost
  + stars: | 2021-06-09 | by ( Reuters Staff | ) www.reuters.com sentiment -0.68   time to read: +1 min
FILE PHOTO: A man walks out of the Bombay Stock Exchange (BSE) building in Mumbai, India, January 3 2020. REUTERS/Francis Mascarenhas/File PhotoBENGALURU (Reuters) - Indian shares edged up to near record highs on Wednesday in choppy trading, boosted by gains in heavyweight financials and healthcare stocks. The blue-chip NSE Nifty 50 index was up 0.14% at 15,763.85 and the benchmark S&P BSE Sensex fell 0.16% to 52,361.19 by 0403 GMT. HDFC Bank Ltd and HDFC Ltd were among the top boosts to the Nifty 50, gaining 0.5% and 0.7%, respectively. Globally, stocks held near record highs on Wednesday, as investors bet the U.S. Federal Reserve is some way off from tapering its economic stimulus.
Persons: Francis Mascarenhas, Cipla Organizations: Bombay Stock Exchange, REUTERS, BSE, HDFC Bank, HDFC, U.S . Federal, European Central Bank Locations: Mumbai, India, BENGALURU
Indian shares slip from record peaks as Reliance drags
  + stars: | 2021-06-09 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +1 min
BENGALURU (Reuters) - Losses in energy and financial stocks pulled Indian shares down from record highs on Wednesday, with investors cautious ahead of key U.S. inflation data due later in the week. FILE PHOTO: A man walks out of the Bombay Stock Exchange (BSE) building in Mumbai, India, January 3 2020. Dewan added investors were also on the sidelines ahead of U.S. inflation data and a key meeting of the European Central bank on Thursday. In Mumbai trading, Reliance Industries, India’s largest listed company by market value, slid 1.8% and was the top drag on the indexes. Power utilities were the bright spot, with Nifty 50-component Power Grid Corp of India jumping 3.4%.
Persons: Francis Mascarenhas, , Neeraj Dewan, Dewan, GAIL Organizations: Bombay Stock Exchange, REUTERS, BSE, Quantum Securities, European, Reliance Industries, India’s, Gas, Grid Corp, Tata Power Locations: BENGALURU, Mumbai, India, New Delhi, Odisha
REUTERS/Francis Mascarenhas/File photoBENGALURU (Reuters) - Indian shares edged up on Tuesday, extending gains from a record high close in the previous session, as the government offered free COVID-19 vaccines to all adults, boosting sentiment as parts of the country ease restrictions. Both the indexes closed at a record high on Monday, bolstered by hopes that the economy would pick up as some states eased COVID-19 lockdowns. India will provide free COVID-19 vaccines to all adults, Prime Minister Narendra Modi said on Monday after markets closed, in an effort to rein in a pandemic that has killed hundreds of thousands. Technology stocks boosted the Nifty 50 index, with software services firms Infosys Ltd and Tata Consultancy Services Ltd rising 1.1% and 0.8%, respectively. The Nifty IT index was up 1.1%, hitting a record high and leading gains among other subindexes.
Persons: Francis Mascarenhas, Narendra Modi Organizations: Bombay Stock Exchange, REUTERS, BSE Sensex, Infosys Ltd, Tata Consultancy Services Locations: Mumbai, India, BENGALURU, COVID
Indian shares erase gains as global inflation worries weigh
  + stars: | 2021-06-08 | by ( Rama | ) www.reuters.com sentiment -1.00   time to read: +2 min
REUTERS/Francis Mascarenhas/File photoThe blue-chip NSE Nifty 50 index fell 0.20% to 15,716.40 and the benchmark S&P BSE Sensex was down 0.18% at 52,243.87 by 0541 GMT. “Markets are at slightly elevated valuations and seeing routine profit taking due to global inflation worries,” said Anita Gandhi, director at Arihant Capital Markets. Investors are awaiting U.S. inflation data due later this week for clarity on tapering of policy support from the Federal Reserve. Top private-sector lender HDFC Bank Ltd and conglomerate Reliance Industries Ltd were among the top drags to the Nifty 50 index, falling 1% and 0.8%, respectively. The Nifty PSU Bank Index, which tracks state-owned banks, fell 1.72% and the Nifty Bank Index was down 1.04%.
Persons: Francis Mascarenhas, , Anita Gandhi Organizations: Bombay Stock Exchange, REUTERS, BSE, Arihant, Markets, Investors, Federal Reserve, European Central Bank, HDFC Bank Ltd, Reliance Industries, Nifty, Infosys Ltd, Tata Consultancy Services Locations: BENGALURU, financials, Mumbai, India
Indian shares end slightly lower as global inflation worries weigh
  + stars: | 2021-06-08 | by ( Reuters Staff | ) www.reuters.com sentiment -0.90   time to read: +2 min
BENGALURU (Reuters) - Indian shares ended a tick lower on Tuesday as concerns around rising global inflation and high valuations in the domestic market outweighed optimism around the country’s declining COVID-19 cases. FILE PHOTO: People walk past the Bombay Stock Exchange (BSE) building in Mumbai, India, November 4, 2020. REUTERS/Francis Mascarenhas/File photoThe blue-chip NSE Nifty 50 index closed down 0.07% at 15,740.10, while the benchmark S&P BSE Sensex settled 0.1% lower at 52,275.57. Both indexes had scaled record peaks on Monday as some Indian states eased lockdowns and daily COVID-19 cases hit a two-month low. On Tuesday, the three biggest drags on the Nifty 50 were HDFC Bank, mortgage lender HDFC and ICICI Bank.
Persons: Francis Mascarenhas, , Anand James Organizations: Bombay Stock Exchange, REUTERS, BSE, Geojit Financial, Federal Reserve, European Central Bank, HDFC Bank, ICICI Bank, Infosys Locations: BENGALURU, Mumbai, India, Kochi,
Indian shares end at record high as some COVID-19 curbs ease
  + stars: | 2021-06-07 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +2 min
BENGALURU (Reuters) - Indian shares ended at a record high on Monday, buoyed by hopes that the economy would return to normal as some states eased lockdowns, with daily COVID-19 cases hitting a two-month low. Energy and information technology stocks also supported the Nifty 50 index, with the Nifty Energy index rising 1.85% and the Nifty IT index jumping 1.11%. India’s capital city of New Delhi partially eased a lockdown, while Modi’s home state of Gujarat also relaxed curbs on commercial activities. As a result, cinema chain operators PVR Ltd and INOX Leisure Ltd closed 3.3% and 3.5% higher, respectively, sending the Nifty Media index up 1.16%. Shares of Central Bank of India closed nearly 8% higher while Indian Overseas Bank finished up 11.7%.
Persons: Francis Mascarenhas, Narendra Modi Organizations: Bombay Stock Exchange, REUTERS, BSE, Energy, INOX Leisure, Central Bank of India, Indian Overseas Bank Locations: BENGALURU, Mumbai, India, New Delhi, Gujarat, Maharashtra
Indian shares slip after central bank holds rates steady
  + stars: | 2021-06-04 | by ( Sethuraman N R | ) www.reuters.com sentiment -0.91   time to read: +2 min
BENGALURU (Reuters) - Indian shares inched lower on Friday after the country’s central bank kept interest rates unchanged as widely expected and unveiled liquidity support measures, with investors focusing on rising inflationary pressures. REUTERS/Francis Mascarenhas/File PhotoBy 0608 GMT, the NSE Nifty 50 index and the S&P BSE Sensex were down 0.2% each at 15,660.05 and 52,120.06, respectively. The Reserve Bank of India (RBI) held the repo rate, its key lending rate, at 4% and kept the reverse repo rate, the borrowing rate, unchanged at 3.35%. Analysts said there were no major surprises to lift the markets higher even though the central bank assured ample liquidity. This will cause markets to consolidate here for a while or take a correction.”On Friday, the Nifty bank index and metals index were the top drags, down 0.6% and 0.4%, respectively.
Persons: Francis Mascarenhas, , Gaurav Garg, Saurabh Jain Organizations: REUTERS, NSE, BSE, Reserve Bank of India, Analysts, CapitalVia Global, SMC Global Securities Locations: BENGALURU, Mumbai, India, COVID
Indian shares close down after central bank holds rates steady
  + stars: | 2021-06-04 | by ( Sethuraman N R | ) www.reuters.com sentiment -0.99   time to read: +2 min
BENGALURU (Reuters) - Indian shares closed slightly lower on Friday after the country’s central bank kept interest rates unchanged as widely expected and unveiled liquidity support measures, with investors focusing on rising inflationary pressures. REUTERS/Francis Mascarenhas/File PhotoThe NSE Nifty 50 index ended down 0.1% at 15,670, and the S&P BSE Sensex closed down 0.25% at 52,100.05. The Reserve Bank of India (RBI) held the repo rate, its key lending rate, at 4% and kept the reverse repo rate, the borrowing rate, unchanged at 3.35%. Analysts said there were no major surprises to lift the markets higher, even though the central bank assured ample liquidity. On Friday, the Nifty bank index was the top drag, down 1%.
Persons: Francis Mascarenhas, , Suyash Choudhary, Forge Organizations: REUTERS, BSE, Reserve Bank of India, Analysts, AMC Locations: BENGALURU, Mumbai, India, COVID
Shaktikanta Das, the Reserve Bank of India (RBI) Governor, attends a news conference in Mumbai, India, December 12, 2018. REUTERS/Danish Siddiqui/File photoThe Reserve Bank of India (RBI) kept interest rates steady at record lows on Friday and reiterated its commitment to keeping policy accommodative as a ferocious second wave of COVID-19 infections threatens to derail the country's economic recovery. The RBI held the repo rate (INREPO=ECI), its key lending rate, at 4% and kept the reverse repo rate (INRREP=ECI), the borrowing rate, unchanged at 3.35%. In a Reuters poll, all 51 economists surveyed had expected the RBI's monetary policy committee (MPC) to leave rates unchanged. read moreThe central bank has slashed the repo rate by a total of 115 basis points (bps) since March 2020 to soften the blow from the pandemic.
Persons: Shaktikanta Das, Danish Siddiqui, Das Organizations: Reserve Bank of India, REUTERS, Danish, Bank of India, MPC, Indian, NSE, BSE, Thomson Locations: Mumbai, India
Indian shares unchanged ahead of central bank rate decision
  + stars: | 2021-06-04 | by ( Reuters Staff | ) www.reuters.com sentiment -0.96   time to read: +1 min
REUTERS/Francis Mascarenhas/File photoBENGALURU (Reuters) - Indian shares traded flat on Friday, ahead of a central bank decision that could leave interest rates at record lows as the country grapples with a second wave of the pandemic. The NSE Nifty 50 index and the S&P BSE Sensex were unchanged at 15,697.25 and 52,248.08, respectively, by 0347 GMT. The focus will likely be on the Reserve Bank of India’s (RBI) messaging on providing adequate liquidity to support the economy. All 51 economists polled by Reuters expect the monetary policy committee to keep the key lending rate or the repo rate unchanged at 4% for a sixth straight time. The blue-chip Nifty 50 and the Sensex have risen over 5% each since the central bank’s last meet in April, boosted by robust corporate results and falling daily COVID-19 cases.
Persons: Francis Mascarenhas, , Rahul Bajoria Organizations: Bombay Stock Exchange, REUTERS, NSE, BSE, Reserve Bank of India’s, Barclays, Reuters Locations: Mumbai, India, BENGALURU
Financials lift Indian shares to new high ahead of cenbank meeting
  + stars: | 2021-06-03 | by ( Reuters Staff | ) www.reuters.com sentiment -0.97   time to read: +1 min
BENGALURU, June 3 (Reuters) - Indian shares closed at a record high on Thursday after two straight sessions of muted trading, as heavyweight financial and consumer discretionary stocks gained, while investors awaited the central bank’s policy meeting outcome due Friday. The blue-chip NSE Nifty 50 index closed 0.73% higher at 15,690.35, while the benchmark S&P BSE Sensex rose 0.74% to 52,232.43. Shares also tracked global stocks that clung close to record highs as investors weighed inflation concerns ahead of key U.S. economic data, while oil prices rose for a third straight session. The Nifty Bank index rose 0.78% and the Nifty Private Bank index added 0.71%. The company said it had partnered with drugmaker Dr. Reddy’s Laboratories to provide logistics for the delivery of Sputnik V COVID-19 vaccine doses.
Persons: drugmaker Dr Organizations: BSE, Reserve Bank of India, HDFC Bank, Kotak Mahindra Bank, Snowman Logistics, Reddy’s Laboratories, Sputnik Locations: BENGALURU, COVID
Indian shares open lower as conglomerate ITC weighs
  + stars: | 2021-06-02 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +1 min
FILE PHOTO: A man walks past the Bombay Stock Exchange (BSE) building in Mumbai, India, May 20, 2019. REUTERS/Francis MascarenhasBENGALURU (Reuters) - Indian shares opened lower on Wednesday, weighed down by consumer goods giant ITC Ltd as its profit slipped in the March quarter, while broader Asian stocks edged higher after data showed U.S. manufacturing activity rose in May. The blue-chip NSE Nifty 50 index fell 0.19% to 15,545.50 by 0345 GMT, while the benchmark S&P BSE Sensex shed 0.25% to 51,800.02. Cigarettes-to-hotels conglomerate ITC fell more than 2% and was the biggest drag to the Nifty 50. Financials stocks also declined, with mortgage lender HDFC Ltd and ICICI Bank Ltd falling 0.6% each.
Persons: Francis Mascarenhas BENGALURU, HDFC Organizations: Bombay Stock Exchange, REUTERS, ITC Ltd, BSE, ITC, HDFC, ICICI Bank Ltd Locations: Mumbai, India
Indian shares fall as financials, IT stocks weigh
  + stars: | 2021-06-02 | by ( Rama | ) www.reuters.com sentiment -1.00   time to read: +2 min
FILE PHOTO: A man walks past the Bombay Stock Exchange (BSE) building in Mumbai, India, May 20, 2019. REUTERS/Francis MascarenhasBENGALURU (Reuters) - Indian shares slipped on Wednesday, weighed down by financials and information technology stocks, with investors also worried over high valuations following a recent rally. The blue-chip NSE Nifty 50 index fell 0.48% to 15,500.85 by 0503 GMT, while the benchmark S&P BSE Sensex shed 0.64% to 51,597.22. “In the medium term, the market should still be positive as economic growth will pick up gradually with capex cycle picking up. In Asian markets, shares edged up to near three-month highs and global equities held steady near a record, as data showing higher U.S. manufacturing activity in May cheered investors looking for signs of a continued rebound in the world’s largest economy.
Persons: Francis Mascarenhas BENGALURU, , Neeraj Dewan, HDFC Organizations: Bombay Stock Exchange, REUTERS, BSE, Quantum Securities, Software, Infosys, HDFC, ITC Locations: Mumbai, India, COVID
Indian shares close flat as financials offset energy gains
  + stars: | 2021-06-02 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +1 min
FILE PHOTO: A man walks past the Bombay Stock Exchange (BSE) building in Mumbai, India, May 20, 2019. REUTERS/Francis MascarenhasBENGALURU (Reuters) - Indian shares ended little changed for a second straight session on Wednesday as investors refrained from making big bets due to concerns over high valuations following a recent rally. The blue-chip NSE Nifty 50 index rose 0.01% to 15,576.20 at close, while the benchmark S&P BSE Sensex slipped 0.16% to 51,849.48. Both the indexes gained more than 6% last month as a steady decline in daily COVID-19 cases lifted investor sentiment. Reliance shares have risen for six straight sessions.
Persons: Francis Mascarenhas BENGALURU Organizations: Bombay Stock Exchange, REUTERS, BSE, ITC, HDFC Bank, Infosys, Reliance Industries Ltd, Tata Steel Ltd, Reliance, Sumi Systems Locations: Mumbai, India, COVID, United States, Europe
Indian shares rise on downward trend in COVID-19 cases
  + stars: | 2021-06-01 | by ( Reuters Staff | ) www.reuters.com sentiment -0.99   time to read: +1 min
REUTERS/Francis MascarenhasBENGALURU (Reuters) - Indian shares extended gains on Tuesday, as investors took hope from a downward trend in daily COVID-19 cases while taking cues from a global rally in equities. The blue-chip NSE Nifty 50 index rose 0.18% to 15,611.30 by 0345 GMT, while the benchmark S&P BSE Sensex climbed 0.19% to 52,026.39. However, economists are increasingly pessimistic about the current quarter after a huge second wave of COVID-19 infections hit the country last month. Globally, equities have risen in the past week on improved investor sentiment after U.S. inflation outlook. In Asia, markets rose on Tuesday ahead of European and U.S. data this week that may offer cues on global economic health.
Persons: Francis Mascarenhas BENGALURU, , Vijayakumar, Goldman Sachs Organizations: Bombay Stock Exchange, REUTERS, BSE, Geojit Financial Services, India, HDFC, Kotak Mahindra Bank Locations: Mumbai, India, COVID, Asia
Indian shares flat as energy gains offset losses in financials
  + stars: | 2021-06-01 | by ( Rama | ) www.reuters.com sentiment -0.99   time to read: +2 min
REUTERS/Francis MascarenhasBENGALURU (Reuters) - Indian shares’ recent rally was stalled on Tuesday, as gains in energy stocks, amid optimism from declining daily cases of COVID-19, were offset by losses in materials and financials. The blue-chip NSE Nifty 50 index closed 0.05% lower at 15,574.85, while the benchmark S&P BSE Sensex was unchanged. Energy stocks gained after Brent crude prices topped $70 and traded at their highest since March, as optimism grew over the fuel demand outlook. Investor sentiment has improved in recent days due to a steady decline in daily COVID-19 cases. Economists, however, are pessimistic about the current quarter after a huge second wave of COVID-19 infections hit the country last month.
Persons: Francis Mascarenhas BENGALURU, , Samrat Dasgupta Organizations: Bombay Stock Exchange, REUTERS, BSE, Esquire Capital Investment Advisors, Energy, Brent, Reliance Industries Ltd, Oil, Natural Gas Corporation Ltd Locations: Mumbai, India, COVID
India stocks were among Asia-Pacific's top-performing markets in May, even as the country continues to grapple with tens of thousands of new cases every day. U.S. investment bank Goldman Sachs is "overweight" on India, and expects stocks there to outperform. "Markets tend to, as they say, live in the future and not in the present," Timothy Moe, co-head of Asia macro research and chief Asia-Pacific equity strategist at Goldman Sachs, told CNBC last week. He pointed out that there's a "very concerning humanitarian crisis" in terms of a Covid surge in India. However, "the market is basically looking through that and expecting the rate of infections to come down, which indeed has taken place."
Persons: Tuan Huynh, CNBC's, , That's, Goldman Sachs, Timothy Moe Organizations: BSE, Deutsche Bank International Private Bank, Johns Hopkins University . Daily, CNBC Locations: India, Asia, Europe, Pacific
Indian shares rally as COVID-19 cases fall; GDP data awaited
  + stars: | 2021-05-31 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +1 min
BENGALURU, May 31 (Reuters) - Indian shares ended 1% higher on Monday, extending their rally from last week, as a declining trend in daily COVID-19 cases buoyed investor sentiment ahead of GDP data for the first three months of the year. The blue-chip NSE Nifty 50 index rose 0.95% to 15,582.80 at close, while the benchmark S&P BSE Sensex climbed 1% to 51,937.44. The indexes posted gains of around 2% each last week, with the Nifty closing at a record high on Friday. Energy and financials provided the biggest support, with the Nifty energy index climbing 1.75%, the second highest most among sub-indexes. The Nifty Bank Index closed 1.10% higher and the Nifty Private Bank Index rose 1.09%.
Persons: financials, Rama Venkat, Sriraj Kalluvila Organizations: BSE Sensex, Energy, Conglomerate Reliance Industries Ltd, ICICI Bank Ltd, Mahindra, Mahindra Ltd Locations: BENGALURU, COVID, Bengaluru
Indian shares open lower ahead of GDP data
  + stars: | 2021-05-31 | by ( Reuters Staff | ) www.reuters.com sentiment -1.00   time to read: +1 min
REUTERS/Danish SiddiquiBENGALURU (Reuters) - Indian shares opened lower on Monday as investors awaited gross domestic product data for the fourth quarter, with economists being pessimistic after a harsh second wave of COVID-19 hit the country last month. The NSE Nifty 50 index shed 0.34% to 15,381.35 by 0401 GMT, while the benchmark S&P BSE Sensex slipped 0.43% to 51,188.99. The Nifty 50 index closed at a record high on Friday, with both the indexes posting weekly gains of around 2% each. Mortgage lender HDFC Ltd and software services firm Infosys Ltd were the top drags to the Nifty 50, losing 1.48% and 1.44%, respectively. Last week, the country reported its lowest daily rise of cases in more than a month.
Persons: Siddiqui Organizations: Bombay Stock Exchange, REUTERS, NSE, BSE, HDFC, Infosys Locations: Mumbai, India, Siddiqui BENGALURU, COVID
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