2 Minutes Read Reuters, BENGALURU, July 6 – On Tuesday, Indian stocks rose, aided by gains in airlines and car sectors, which helped offset losses in Reliance Industries, with investors cheering a decline in COVID-19 infections in the country. The blue-chip NSE Nifty 50 index was up 0.22 percent at 15,868.80 at 0520 GMT, while the benchmark S&P BSE Sensex was up 0.22 percent at 52,952.10. Airline stocks soared after the country’s aviation ministry announced that domestic flight capacity would be increased to 65 percent by the end of July, up from 50 percent previously. InterGlobe Aviation, IndiGo’s parent company, jumped 1.8 percent, while SpiceJet rose 2.8 percent. Reliance Industries, owned by billionaire Mukesh Ambani, was down 0.8 percent following two days of gains. “Even on days when the market is paused, retail investors are pouring money into mid-caps and small-caps… People have essentially accepted that the epidemic will not result in a long-term economic downturn “Yes Securities’ senior president and head of institutional equities research, Amar Ambani, said. “With the start of the June quarter reports, IT businesses are proving to be resilient and ready for good growth,” he stated. On Tuesday, India reported 34,703 new COVID-19 cases, a reduction for the sixth day in a row. Tata Motors, the parent company of Jaguar Land Rover, helped the Nifty Auto index gain 0.34 percent. The automaker’s stock jumped 2.2 percent after the business announced plans to boost pricing on its passenger vehicle lineup owing to rising input costs. Following an increase in oil prices, the state-owned Oil and Natural Gas Corporation rose 2.4 percent after OPEC+ members called off talks on output levels on Monday. The broader NSE index was fewer than 50 points away from its all-time high, as Indian markets lingered near record highs. The index, which fell 0.87 percent last week, had reached a high point last month. Shivani Singh contributed reporting from Bengaluru, and Uttaresh.V. edited the piece./n
Read More
