The broader NSE Nifty 50 index rose 0.82% to 10,856.05 by 9:15 am and the benchmark S&P BSE Sensex was up 0.83% at 36,898.33.

The expectations of easing inflation come as Asia’s third-largest economy reported 28,701 more coronavirus cases in the last 24 hours, taking the total to 878,254. (Photo: Reuters)

HIGHLIGHTS

  • Indian shares traded higher in Monday’s opening sesssion
  • The broader NSE Nifty 50 index rose 0.82% to 10,856.05
  • The benchmark S&P BSE Sensex was up 0.83% at 36,898.33

Indian shares inched higher on Monday, with most sectors gaining as investors bet June inflation data later in the day would open the way to further cuts in interest rates by the central bank to help an economy battered by coronavirus lockdowns and surging cases.

The broader NSE Nifty 50 index rose 0.82% to 10,856.05 by 9:15 am and the benchmark S&P BSE Sensex was up 0.83% at 36,898.33.

A Reuters poll last week showed India’s headline inflation likely eased to 5.3% in June, still just over a point above Reserve Bank of India’s medium-term target of 4.0%.

RBI governor Shaktikanta Das on Saturday also said inflation will continue to moderate going forward and investment activity will revive, but cautioned about uncertainty in the economy’s medium-term outlook.

The expectations of easing inflation come as Asia’s third-largest economy reported 28,701 more coronavirus cases in the last 24 hours, taking the total to 878,254.

India’s most valuable stock Reliance Industries rose for a third-consecutive day and touched a fresh record high of 1917 rupees in the session on Qualcomm Inc’s 7.3 billion rupees ($97.11 million) investment in the Indian conglomerate’s Jio Platforms.

IT services firm Infosys was the top gainer on the NSE index, rising 2.25%.

Also Read | Sensex, Nifty end lower on coronavirus fears, financials suffer

IndiaToday.in has plenty of useful resources that can help you better understand the coronavirus pandemic and protect yourself. Read our comprehensive guide (with information on how the virus spreads, precautions and symptoms), watch an expert debunk myths, and access our dedicated coronavirus page.
Get real-time alerts and all the news on your phone with the all-new India Today app. Download from

  • Andriod App
  • IOS App

Source Article