AIRLINK 62.48 Increased By ▲ 2.05 (3.39%)
BOP 5.36 Increased By ▲ 0.01 (0.19%)
CNERGY 4.58 Decreased By ▼ -0.02 (-0.43%)
DFML 15.50 Increased By ▲ 0.66 (4.45%)
DGKC 66.40 Increased By ▲ 1.60 (2.47%)
FCCL 17.59 Increased By ▲ 0.73 (4.33%)
FFBL 27.70 Increased By ▲ 2.95 (11.92%)
FFL 9.27 Increased By ▲ 0.21 (2.32%)
GGL 10.06 Increased By ▲ 0.10 (1%)
HBL 105.70 Increased By ▲ 1.49 (1.43%)
HUBC 122.30 Increased By ▲ 4.78 (4.07%)
HUMNL 6.60 Increased By ▲ 0.06 (0.92%)
KEL 4.50 Decreased By ▼ -0.05 (-1.1%)
KOSM 4.48 Decreased By ▼ -0.09 (-1.97%)
MLCF 36.20 Increased By ▲ 0.79 (2.23%)
OGDC 122.92 Increased By ▲ 0.53 (0.43%)
PAEL 23.00 Increased By ▲ 1.09 (4.97%)
PIAA 29.34 Increased By ▲ 2.05 (7.51%)
PIBTL 5.80 Decreased By ▼ -0.14 (-2.36%)
PPL 107.50 Increased By ▲ 0.13 (0.12%)
PRL 27.25 Increased By ▲ 0.74 (2.79%)
PTC 18.07 Increased By ▲ 1.97 (12.24%)
SEARL 53.00 Decreased By ▼ -0.63 (-1.17%)
SNGP 63.21 Increased By ▲ 2.01 (3.28%)
SSGC 10.80 Increased By ▲ 0.05 (0.47%)
TELE 9.20 Increased By ▲ 0.71 (8.36%)
TPLP 11.44 Increased By ▲ 0.86 (8.13%)
TRG 70.86 Increased By ▲ 0.95 (1.36%)
UNITY 23.62 Increased By ▲ 0.11 (0.47%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,944 Increased By 65.8 (0.96%)
BR30 22,827 Increased By 258.6 (1.15%)
KSE100 67,142 Increased By 594.3 (0.89%)
KSE30 22,090 Increased By 175.1 (0.8%)
Markets

Indian shares climb for third day; metals, software stocks gain

  • The Nifty IT index that tracks software services stocks climbed 1.74% as the rupee weakened after the RBI's announcement of the bond-buying programme.
Published April 8, 2021

BENGALURU: Indian shares rose for a third straight session on Thursday, as metals and software services stocks led a broad-based advance after the country's central bank kept its monetary policy accommodative to support economic growth.

India's main stock indexes have been retreating from the record highs of February amid a resurgence in COVID-19 cases that has spurred curbs in some states and threatened to derail a nascent economic recovery. Infections jumped by another daily record on Thursday.

The Reserve Bank of India (RBI) on Wednesday kept interest rates at record lows but committed to a massive government bond purchase programme, helping keep share markets buoyant.

"The RBI has taken some radical measures, which is helping keep markets afloat today," Deepak Jasani, head of retail research at HDFC Securities in Mumbai, said.

"It is continuing on a dovish path, and it is playing all its cards one after the other, to provide sufficient liquidity in the system and to keep interest rates under control."

The NSE Nifty 50 index rose 0.83% to 14,940.95 by 0500 GMT, while the S&P BSE Sensex was up 0.81% at 50,065.72. All 14 sectoral indexes were higher.

The Nifty IT index that tracks software services stocks climbed 1.74% as the rupee weakened after the RBI's announcement of the bond-buying programme.

Earnings of export-reliant software services stocks tend to benefit from a weaker local currency. Infosys and Tata Consultancy Services were up more than 1% each.

Metals stocks rose 1.6%. Hindalco and Tata Steel were among the top gainers on the Nifty 50, rising about 2% each as steel prices in China hovered around a record high.

Other Asian share markets were largely flat but S&P 500 futures climbed 0.3% to a new peak after a dovish outlook from the Federal Reserve.

Comments

Comments are closed.