Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Indian shares close at record high as consumer, IT stocks rally

08/13/2021 | 07:16am EST
A bird flies past the Bombay Stock Exchange building in Mumbai

BENGALURU (Reuters) - Indian shares rose 1% to close at a record high on Friday, driven by consumer and IT stocks as the country's retail inflation eased and the government assured of more support to alleviate economic strain caused by the pandemic.

The blue-chip NSE Nifty 50 index and the benchmark S&P BSE Sensex ended 1% higher at 16,529.10 and 55,437.29, respectively. Both the indexes rose for a second straight week, gaining more than 1%.

India's July retail inflation eased to 5.59% from June's 6.26%, below a Reuters poll forecast of 5.78%.

Aiding sentiment, Finance Minister Nirmala Sitharaman told industrialists on Thursday the economy had not reached a level where the central bank could begin pulling back liquidity.

"Macro data points are becoming a little bit supportive for the markets. While the Delta variant continues to be a concern in other countries, the number of cases in India have not gone up significantly," said Siddhartha Khemka, head of retail research, broking & distribution at Motilal Oswal Financial Services.

"There is a lot of movement of money from small- and mid-cap stocks to large-cap stocks, which is driving Nifty to new highs."

Analysts also noted that regulatory crackdowns in China have led to foreign investors redirecting money into equities in India and other emerging markets.

Foreign investors have bought $243.28 million in Indian equities so far this month, according to Refinitiv Eikon data.

Fast-moving consumer goods and IT services led gains among the Nifty's sectoral indexes, rising 0.9% and 1.4%, respectively.

Shares of Royal Enfield owner Eicher Motors fell 2.7%, after it warned of a hit to production due to a global chip shortage and a sudden exit of Enfield's chief executive officer.

Shares of real estate company Puravankara jumped 10%, while Technocraft Industries (India) surged 12.4% on strong June-quarter results.

(Reporting by Nallur Sethuraman and additional reporting by Gauvrav Dogra in Bengaluru; editing by Vinay Dwivedi)

By Sethuraman N R


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
HINDALCO INDUSTRIES LIMITED 1.79% 504.85 End-of-day quote.6.15%
LONDON BRENT OIL 0.05% 87.69 Delayed Quote.11.05%
NIFTY 50 -1.29% 17702.2 Delayed Quote.4.37%
S&P GSCI NATURAL GAS INDEX -0.62% 179.0898 Delayed Quote.8.53%
WOCKHARDT LIMITED -0.84% 418.3 Delayed Quote.2.31%
WTI 0.27% 85.249 Delayed Quote.15.15%
Latest news "Economy & Forex"
03:16aBritish police arrest two men in Texas synagogue attack investigation
RE
03:15aDollar dips as Treasury yields stall, commodity currencies gain
RE
03:14aJapan's Osaka and two more regions expected to request COVID-19 measures
RE
03:14aNorway's Summa raises $2.6 billion in latest 'impact' fund
RE
03:11aMARKETMIND : "Moving in" (on stock market bargains)
RE
03:10aMr. Kipling maker Premier Foods sees annual earnings above estimates
RE
03:10aFTSE 100 Seen Tracking Gains in Asia After China Cuts Rates
DJ
03:07aINDONESIA C.BANK GOV : Liquidity that will be absorbed by rrr hikes will be 200 trln rupiah in total
RE
03:07aCIA finds most Havana Syndrome cases unlikely caused by foreign power - NYT
RE
03:07aKenya to issue $1 billion Eurobond in next 2-3 months -finance minister
RE
Latest news "Economy & Forex"