April 13, 2024

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Delighting finance buffs

Sensex, Nifty end higher as easing curbs outweigh Covid-19 surge

The NSE Nifty 50 index ended up 0.69{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58} to 10,116, while the benchmark S&P BSE Sensex gained 0.86{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58} at 34,247.05.

File image: Reuters

Indian shares ended higher on Wednesday, led by gains in Reliance Industries and financials, as optimism around reopening of the economy and buoyant global risk sentiment trumped concerns over a surge in domestic Covid-19 infections.

The NSE Nifty 50 index ended up 0.69{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58} to 10,116, while the benchmark S&P BSE Sensex gained 0.86{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58} at 34,247.05.

“The rally has been happening on the anticipation of the re-opening of the domestic economy. Nifty is able to sustain above 10,000 levels, which is also giving a positive bias to markets,” said Vinod Nair, head of research, Geojit Financial Services Ltd.

Heavyweight Reliance Industries added 2.3{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58} and was a top boost to the Nifty 50 index, while IndusInd Bank Ltd surged 7.7{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58}, to end as the top gainer in the Nifty index.

The Nifty banking index and the financial index ended up 1.81{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58} and 1.15{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58}, respectively.

India reopened shopping malls and restaurants this week, but the number of cases continues to rise – jumping to 276,500 as of Wednesday morning, including 7,745 deaths.

The number of infections in the national capital of Delhi will climb to more than half a million by the end of July but it does not have the hospital capacity to handle such an outbreak, the city-state’s deputy chief minister said on Tuesday.

“Rising infections are a concern and a major reason for Indian markets to underperform the global rally, which is expected to continue in the near-term,” Nair said.

Hero Motocorp Ltd closed down 4{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58} after the world’s largest two-wheeler maker reported a lower March-quarter profit.

Shares of Panacea Biotec Ltd jumped as much as 20{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58}, after the Indian biotech firm said on Wednesday it would partner with US-based Refana Inc to make a potential vaccine for Covid-19.

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.
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