Nifty, Sensex surge over 2{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58} as coronavirus-induced lockdowns ease further
The NSE Nifty 50 index .NSEI was up 2.46{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58} at 9,817.45 by 0350 GMT, helped by a broadly stronger mood to Asian markets, while the S&P BSE Sensex .BSESN gained 2.44{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58} to 33,206.18.
File image: Reuters
Financial stocks led Indian shares higher on Monday, as the country geared up to further open its economy after a months-long lockdown to curb the spread of the novel coronavirus.
The NSE Nifty 50 index .NSEI was up 2.46{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58} at 9,817.45 by 0350 GMT, helped by a broadly stronger mood to Asian markets, while the S&P BSE Sensex .BSESN gained 2.44{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58} to 33,206.18.
The Nifty 50 rose nearly 6{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58} over the previous week led by a rally in beaten-down banking stocks.
The Nifty bank index rose 3.9{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58}, while the financial index .NIFTYFIN gained 3.6{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58}.
India permitted restaurants, malls and religious buildings to reopen from June 8 but extended lockdowns in high-risk zones until June 30 as a record high number of cases were detected nationwide on Saturday.
The reopen plan comes as data on Friday showed the domestic economy grew at 3.1{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58} in the January-March quarter, its slowest pace in at least eight years.
Meanwhile, MSCI’s broadest index of Asia-Pacific shares outside Japan MIAPJ0000PUS rose 2{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58} as progress on opening up economies helped offset jitters over riots in U.S. cities.
