AGL 40.00 Decreased By ▼ -0.16 (-0.4%)
AIRLINK 129.53 Decreased By ▼ -2.20 (-1.67%)
BOP 6.68 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.63 Increased By ▲ 0.16 (3.58%)
DCL 8.94 Increased By ▲ 0.12 (1.36%)
DFML 41.69 Increased By ▲ 1.08 (2.66%)
DGKC 83.77 Decreased By ▼ -0.31 (-0.37%)
FCCL 32.77 Increased By ▲ 0.43 (1.33%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.47 Increased By ▲ 0.12 (1.06%)
HUBC 110.55 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.56 Increased By ▲ 0.25 (1.75%)
KEL 5.39 Increased By ▲ 0.17 (3.26%)
KOSM 8.40 Decreased By ▼ -0.58 (-6.46%)
MLCF 39.79 Increased By ▲ 0.36 (0.91%)
NBP 60.29 No Change ▼ 0.00 (0%)
OGDC 199.66 Increased By ▲ 4.72 (2.42%)
PAEL 26.65 Decreased By ▼ -0.04 (-0.15%)
PIBTL 7.66 Increased By ▲ 0.18 (2.41%)
PPL 157.92 Increased By ▲ 2.15 (1.38%)
PRL 26.73 Increased By ▲ 0.05 (0.19%)
PTC 18.46 Increased By ▲ 0.16 (0.87%)
SEARL 82.44 Decreased By ▼ -0.58 (-0.7%)
TELE 8.31 Increased By ▲ 0.08 (0.97%)
TOMCL 34.51 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.06 Increased By ▲ 0.25 (2.84%)
TREET 17.47 Increased By ▲ 0.77 (4.61%)
TRG 61.32 Decreased By ▼ -1.13 (-1.81%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.38 Increased By ▲ 0.10 (7.81%)
BR100 10,407 Increased By 220 (2.16%)
BR30 31,713 Increased By 377.1 (1.2%)
KSE100 97,328 Increased By 1781.9 (1.86%)
KSE30 30,192 Increased By 614.4 (2.08%)
Markets

Indian shares hit another record high as post-budget rally continues

  • Among individual stocks, State Bank of India was set to gain for a sixth straight session following well-received quarterly results. The stock has jumped 46% so far in the last eight sessions.
Published February 8, 2021

BENGALURU: Indian shares rose for a sixth straight session and hit record highs on Monday, as a federal budget-inspired rally continued, with banks and automakers leading broad-based gains.

A growth-focused, high-spending federal budget unveiled last week has powered India's stock market to multiple all-time highs.

A COVID-19 vaccination drive that is underway and strong corporate earnings have also aided the upbeat sentiment.

The NSE Nifty 50 index was 1.20% higher at 15,104.45 by 0450 GMT, while the S&P BSE Sensex climbed 1.27% to 51,377.31. The Nifty 50 had notched a 9% gain last week.

All 14 sectoral indexes were trading higher on Monday. Autos gained the most, rising 2.2%, while banks ICICI and HDFC were the top two boosts to the Nifty 50.

"The optimism from the budget and recent earnings so far is giving a huge boost," said Saurabh Jain, assistant vice president at SMC Global Securities in New Delhi.

Sectors that powered Indian markets in the mid-2000s - infrastructure, real estate and capital goods - were back in vogue following the federal budget and as the economy returns to normalcy after the shock from the pandemic, Jain added.

Among individual stocks, State Bank of India was set to gain for a sixth straight session following well-received quarterly results. The stock has jumped 46% so far in the last eight sessions.

Punjab National Bank fell 2% after reporting a fall in profit from a quarter earlier.

Shares in NTPC fell as much as 3.4% after a hydropower plant being constructed by the state-run power utility was damaged by an avalanche in northern India. The stock was last down just under 1%.

Meanwhile, other Asian shares also rose amid hopes a $1.9 trillion COVID-19 aid package will be passed by US lawmakers as soon as this month.

Comments

Comments are closed.