AIRLINK 81.10 Increased By ▲ 2.55 (3.25%)
BOP 4.82 Increased By ▲ 0.05 (1.05%)
CNERGY 4.09 Decreased By ▼ -0.07 (-1.68%)
DFML 37.98 Decreased By ▼ -1.31 (-3.33%)
DGKC 93.00 Decreased By ▼ -2.65 (-2.77%)
FCCL 23.84 Decreased By ▼ -0.32 (-1.32%)
FFBL 32.00 Decreased By ▼ -0.77 (-2.35%)
FFL 9.24 Decreased By ▼ -0.13 (-1.39%)
GGL 10.06 Decreased By ▼ -0.09 (-0.89%)
HASCOL 6.65 Increased By ▲ 0.11 (1.68%)
HBL 113.00 Increased By ▲ 3.50 (3.2%)
HUBC 145.70 Increased By ▲ 0.69 (0.48%)
HUMNL 10.54 Decreased By ▼ -0.19 (-1.77%)
KEL 4.62 Decreased By ▼ -0.11 (-2.33%)
KOSM 4.12 Decreased By ▼ -0.14 (-3.29%)
MLCF 38.25 Decreased By ▼ -1.15 (-2.92%)
OGDC 131.70 Increased By ▲ 2.45 (1.9%)
PAEL 24.89 Decreased By ▼ -0.98 (-3.79%)
PIBTL 6.25 Decreased By ▼ -0.09 (-1.42%)
PPL 120.00 Decreased By ▼ -2.70 (-2.2%)
PRL 23.90 Decreased By ▼ -0.45 (-1.85%)
PTC 12.10 Decreased By ▼ -0.89 (-6.85%)
SEARL 59.95 Decreased By ▼ -1.23 (-2.01%)
SNGP 65.50 Increased By ▲ 0.30 (0.46%)
SSGC 10.15 Increased By ▲ 0.26 (2.63%)
TELE 7.85 Decreased By ▼ -0.01 (-0.13%)
TPLP 9.87 Increased By ▲ 0.02 (0.2%)
TRG 64.45 Decreased By ▼ -0.05 (-0.08%)
UNITY 26.90 Decreased By ▼ -0.09 (-0.33%)
WTL 1.33 Increased By ▲ 0.01 (0.76%)
BR100 8,052 Increased By 75.9 (0.95%)
BR30 25,581 Decreased By -21.4 (-0.08%)
KSE100 76,707 Increased By 498.6 (0.65%)
KSE30 24,698 Increased By 260.2 (1.06%)
Markets

Indian shares surge over 2pc as easing curbs boost sentiment

The NSE Nifty 50 index was up 2.6pc at 9,823.70 by 0453 GMT, also helped by gains in Asian markets, while the S&P BSE Sensex gained 2.7pc to 33,298.18.
Published June 1, 2020

BENGALURU: Indian shares rose over 2pc on Monday led by financial stocks, as the country geared up to further open its economy after a months-long lockdown to curb the spread of the novel coronavirus.

The NSE Nifty 50 index was up 2.6pc at 9,823.70 by 0453 GMT, also helped by gains in Asian markets, while the S&P BSE Sensex gained 2.7pc to 33,298.18.

The Nifty 50 rose nearly 6pc over the previous week, led by a 11.7pc rally in beaten-down banking stocks.

The Nifty bank index rose 3.9pc, while the financial index gained 3.7pc.

"The banking sector has under performed the most in the past one month and the starting up of the economy is giving confidence to investors," said Naveen Kulkarni, chief investment officer, Axis Securities.

India permitted restaurants, malls and religious buildings to reopen from June 8 but extended lockdowns in high-risk zones until June 30 as a record high number of cases were detected nationwide on Saturday.

The reopening plan comes as data on Friday showed the domestic economy grew at 3.1pc in the January-March quarter, its slowest pace in at least eight years.

India's unemployment rate in May rose to 23.48pc, according to data released by the Centre for Monitoring Indian Economy on Monday, reflecting the impact of coronavirus pandemic.

Meanwhile, MSCI's broadest index of Asia-Pacific shares outside Japan rose 2.1pc as progress on opening up economies helped offset jitters over riots in US cities.

Both HDFC Bank Ltd and Housing Development Finance Corp Ltd rose 4pc, and were the top boosts to the Nifty 50 index.

Shares of JSW Steel Ltd, the top gainer in the Nifty 50 index, rose 7.2pc.

IDBI Bank Ltd jumped 19.9pc after reporting its first profit in more than three years.

Comments

Comments are closed.