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SummaryMost relevantAll NewsOther languagesNews of the index components

Indian shares rise 1% after central bank keeps rates steady

04/07/2021 | 06:36am EDT
A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai

BENGALURU (Reuters) - Indian shares and bonds rose on Wednesday after central bank kept interest rates at record lows to support the economy on the back of a record surge in COVID-19 cases, and announced a secondary market government security purchase programme.

The Reserve Bank of India (RBI) stuck to its accommodative monetary policy stance amid concerns that the resurgence in infections could derail the country's nascent economic recovery.

The NSE Nifty 50 index closed 0.92% higher at 14,819.05 and the S&P BSE Sensex rose 0.94% to 49,661.76.

The benchmark 10-year bond yield briefly rose to 6.19% after the policy decision, but fell to a low of 6.05% after the central bank announced a secondary market government securities (G-sec) acquisition programme.

"Fears of any pre-mature tightening either through rates or liquidity management by some sections of the market have been put to rest by RBI's dovish tone today," said Abheek Barua, chief economist, HDFC Bank.

The announcement of the G-sec acquisition program is likely to stabilise and support long-term yields, Barua said.

India's second wave of coronavirus infections continued to swell as the country reported a record 115,736 new cases on Wednesday.

The Indian rupee weakened to 74.55 against the dollar, hitting its weakest level since Nov. 17.

The Nifty bank index and the auto index rose 1.5% and 1.6%, respectively. ICICI Bank and Infosys were top boosts to the index, rising 1.9% and 1.3%, respectively.

Shilpa Medicare shares rose as much as 14.3% after an executive told Reuters that the drugmaker has the capacity to manufacture 100-200 million doses of a protein-based vaccine for COVID-19.

Shares of restaurant chain Barbeque-Nation Hospitality recovered early losses to rise 18% in their debut trading on Wednesday.

(Reporting by Nallur Sethuraman in Bengaluru and Savio Shetty in Mumbai; Editing by Shinjini Ganguli)

By Sethuraman N R

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / INDIAN RUPEE (AUD/INR) -0.03% 57.47453 Delayed Quote.1.93%
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.03% 0.7841 Delayed Quote.1.22%
BANK OF INDIA LIMITED -0.88% 67.65 End-of-day quote.39.05%
BRITISH POUND / US DOLLAR (GBP/USD) -0.01% 1.3987 Delayed Quote.1.61%
CANADIAN DOLLAR / INDIAN RUPEE (CAD/INR) 0.00% 60.377 Delayed Quote.5.52%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.12% 0.8243 Delayed Quote.4.73%
EURO / INDIAN RUPEE (EUR/INR) 0.43% 89.188 Delayed Quote.-0.51%
EURO / US DOLLAR (EUR/USD) 0.00% 1.2162 Delayed Quote.-1.22%
HDFC BANK LIMITED 0.99% 1414.75 End-of-day quote.-1.50%
ICICI BANK LIMITED -0.18% 607.1 Delayed Quote.13.47%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.00% 0.013643 Delayed Quote.-0.75%
INFOSYS LIMITED -0.66% 1352.55 Delayed Quote.7.70%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.70% 0.72793 Delayed Quote.0.73%
NIFTY 50 0.67% 14823.15 Delayed Quote.6.02%
NIFTY BANK 0.23% 32904.5 Delayed Quote.5.25%
SENSEX 30 0.52% 49206.47 Real-time Quote.1.94%
SHILPA MEDICARE LIMITED 0.59% 441 End-of-day quote.-2.05%
US DOLLAR / INDIAN RUPEE (USD/INR) -0.39% 73.3 Delayed Quote.0.76%
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Technical analysis trends SENSEX 30
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Top / Flop SENSEX 30
TATA STEEL LIMITED 1182.35 Delayed Quote.7.40%
VEDANTA LIMITED 283.2 End-of-day quote.5.30%
MAHINDRA AND MAHINDRA LTD 767.4 Delayed Quote.2.68%
TATA MOTORS LIMITED 134.55 Delayed Quote.2.36%
BAJAJ FINANCE LIMITED 5493.8 Delayed Quote.-0.63%
INFOSYS LIMITED 1352.55 Delayed Quote.-0.66%
YES BANK LIMITED 13.35 End-of-day quote.-1.48%
HERO MOTOCORP LTD 2860.8 Delayed Quote.-1.80%
BAJAJ AUTO LIMITED 3866.75 End-of-day quote.-1.89%
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