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Financials boost Indian shares; U.S. inflation data eyed
  + stars: | 2021-06-10 | by ( Reuters Staff | ) 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
"Worsening COVID news in some parts of Asia... is also raising concerns about the pace of regional recovery." China's financial regulator on Thursday ordered 13 internet platforms, including heavyweight Tencent, to strengthen compliance as part of the country's ongoing antitrust clampdown on the sector. Although stocks in India slumped at the open and were set to snap a four-day winning streak, they were on course to mark their best week in 13, even as coronavirus infections rage across the country. Stocks in Malaysia fell as they returned to trading after a holiday on Thursday, while shares in Philippines and Indonesia also suffered. South Korean equities were on course to post their biggest weekly decline in more than two months, weighed down by losses in technology stocks.
Persons: Harish Sridharan, Mitul Kotecha, Gao Qi, Radhika Rao, Sam Holmes Organizations: of Statistics, China's NBS, TD Securities, South Korean, Fed, Scotiabank, DBS Group Research, DBS Group Holdings, SM Prime Holdings Inc, Singapore STI, Bajaj Finance Ltd, Axis Bank Ltd, HDFC Bank Locations: Singapore, Asia, China, China's, Chief, Europe, Philippines, India, Malaysia, Indonesia, Asia's, Taiwan, Japan, Thailand, Bengaluru
"That said, the Fed’s dovish stance will be increasingly challenged by improving U.S. data, with a robust U.S. recovery taking shape now. As such, Asian currency gains could remain restrained on expectations of an eventual Fed taper later this year," he added. Though major indexes in Wall Street closed lower overnight, stocks in Asia responded positively to Fed's dovish stance, with most markets trading in positive territory. The COVID-19 pandemic continues to rage on in the nation, but many countries have now pledged to help with critical supplies and vaccines. Indonesian stocks saw gains, while Taiwan gained as much as 0.8% to notch yet another record high.
Persons: Harish Sridharan, Jerome Powell, Chang Wei, Philip, Rodrigo Duterte, Kim Coghill Organizations: U.S Federal Reserve, Treasury, DBS Bank, Philip Securities, Bloomberry Resorts Corp, Autocorp, Tata Steel Ltd, Bajaj Finance Ltd Locations: Asia, South Korea, Taiwan, Malaysia, Stocks, Bangkok, Manila, Philippines, Japan, China, India, Indonesia, Singapore, Thailand, Bengaluru
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