2 Minutes Read Reuters, BENGALURU, June 30 – On Wednesday, Indian stocks grew for the fourth month in a row, helped by reducing COVID-19 infections, the lifting of pandemic-related restrictions, and a jump in vaccines. The blue-chip NSE Nifty 50 index rose 0.37 percent to 15,807, while the benchmark S&P BSE Sensex rose 0.38 percent to 52,747.01 around 0500 GMT, thanks to gains in heavyweight information technology stocks. Both indices were expected to close June with gains of more than 1.4 percent, having reached new highs numerous times during the month. They have, however, struggled to break through those barriers. According to Deepak Jasani, head of retail research at HDFC Securities in Mumbai, volumes have been declining over the last two weeks, showing low institutional interest and investors neither selling or purchasing actively. Indicators have also reached new highs globally, but have been unable to break through, falling to near-term lows before rising again, according to Jasani. While the Nasdaq index on Wall Street finished at an all-time high overnight, a gauge of global equities stayed near record highs as consumer confidence in an economic recovery grew. Asian markets are also higher on Wednesday. The Nifty IT index rose 0.85 percent in Mumbai trading. Over the next two weeks, IT behemoths Tata Consultancy Services and Infosys will kick off India’s first-quarter results season. The Nifty Metal index increased by 1.34%. The rise in global metal prices has bolstered the stock prices of Indian miners and metal companies this year. Reliance Industries increased its stock by 0.6 percent. The company agreed to establish a multibillion-dollar chemical complex in Ruwais with Abu Dhabi National Oil Co. Cipla gained 1.8 percent before reversing course and trading lower. The FDA has given the company permission to import Moderna’s COVID-19 vaccine. Anuron Kumar Mitra in Bengaluru contributed reporting, and Uttaresh edited the piece. V Continue reading
