MUMBAI/NEW DELHI: Indian shares closed higher for a fourth straight session on Monday as a rally in commodity prices lifted metal stocks and mortgage lender HDFC extended gains after posting better-than-expected quarterly results.
The NSE Nifty 50 index closed 0.8% higher at 14,942.35 and the S&P BSE Sensex rose 0.6% to 49,502.41. Last week, the indexes gained 1.3% and 0.9%, respectively.
Boosted by liquidity support measures from global central banks, the stock market has looked past a rapid rise in domestic coronavirus cases and calls to impose a nationwide lockdown.
Several states have already entered lockdowns to curb the spread, which has led economists to cut growth expectations for Asia’s third-largest economy.
Metal shares scaled a fresh peak and ended up 3.14% as iron ore futures and copper prices hit record highs on hopes for improved demand amid tightening supply.
Heavyweight HDFC Ltd closed 1.33% higher, extending gains from last week after the lender beat analysts’ expectations for quarterly profit.