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Indian shares close at record high as COVID-19 cases fall, IT stocks rally

08/17/2021 | 06:37am EST

BENGALURU, Aug 17 (Reuters) - Indian shares extended their record-high closing run to a fourth day on Tuesday as gains in IT and consumer stocks and falling domestic COVID-19 cases helped offset losses in metal and banking stocks and investor concerns around global economic growth.

The blue-chip NSE Nifty 50 index ended 0.31% higher at 16,614.6, while the benchmark S&P BSE Sensex was up 0.38% at 55,792.27.

Aiding sentiment, India recorded a sharp decline in daily new COVID-19 infections that fell to 25,166, the lowest since March 16, while it administered more than 8.8 million doses of vaccines in the past 24 hours, close to its all-time record set in June, government data showed.

The Nifty IT index ended up 2.57%, led by Tech Mahindra, Infosys, TCS and MindTree , as the sector continued to be buoyed by positive earnings announcements and its lower exposure to the effects of COVID-19.

Consumer goods majors, including Tata Consumer, Jubilant Foodworks, Nestle and Emami boosted the Nifty FMCG index, which ended up 1.4%.

The Nifty PSU Bank index slipped as much as 2.5% before closing 1.79% lower, dragged by losses in Indian Bank, Maharashtra Bank and Canara Bank among others.

Metals fell 2.30%, with Vedanta, Welspun Corp and NMDC among top losers.

Global shares stumbled on Tuesday, rattled by concerns over China's regulations for its internet sector, a worldwide spike in COVID-19 infections, and ahead of the release of U.S. retail sales data which is expected to offer further signs of slowing economic momentum.

In early European trade, the pan-European STOXX 600 shed 0.5%, its lowest level in more than a week. (Reporting by Vishwadha Chander in Bengaluru; editing by Vinay Dwivedi)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
EMAMI LIMITED 2.08% 528.9 End-of-day quote.24.59%
INFOSYS LIMITED 0.96% 1712.65 Delayed Quote.35.08%
JUBILANT FOODWORKS LIMITED 0.30% 3651 Delayed Quote.30.42%
MINDTREE LIMITED -2.62% 4328.55 Delayed Quote.167.72%
NESTLÉ INDIA LIMITED 0.81% 19159.1 End-of-day quote.4.17%
NMDC LIMITED -1.22% 133.25 End-of-day quote.16.48%
TATA CONSULTANCY SERVICES LTD. 0.78% 3529.15 Delayed Quote.22.33%
TATA CONSUMER PRODUCTS LIMITED 1.64% 778.6 End-of-day quote.13.79%
TECH MAHINDRA LIMITED 0.31% 1541.45 Delayed Quote.57.90%
VEDANTA LIMITED -2.29% 338.85 Delayed Quote.114.87%
WELSPUN CORP LIMITED -3.07% 165.5 End-of-day quote.24.34%
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