India share benchmarks inch higher, led by financials, Reliance
- The Nifty 50 was up 0.23% to 25,106.5 points and the BSE Sensex gained 0.27% to 82,067.85
India’s equity benchmarks opened higher on Thursday, extending a recent rally, with financials buoyed by a proposal to exempt insurance premiums from tax and as investors awaited the Federal Reserve’s annual symposium for interest rate cues.
The Nifty 50 was up 0.23% to 25,106.5 points and the BSE Sensex gained 0.27% to 82,067.85 as of 9:25 a.m. IST.
The indexes have risen in each of the last five sessions, gaining about 2%, aided by proposed reforms to India’s goods and services tax regime and S&P’s upgrade of the country’s rating.
Thirteen of the 16 major sectors logged gains at the open.
High-weight financials rose 0.25%, led by insurers such as HDFC Life, ICICI Prudential Life, SBI Life and Niva Bupa, which rose between 1% and 3%.
A panel of Indian state ministers on goods and services tax has proposed exempting tax on health and life insurance premiums for individuals, two state ministers told reporters on Wednesday.
Index heavyweight Reliance Industries rose 1% after JP Morgan reiterated an “overweight” on the oil-to-telecom conglomerate.
IT stocks which rose about 3% in the previous two sessions, fell 0.4% ahead of the Fed’s Jackson Hole summit, limiting gains on the benchmark indexes.
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