- Title: Indian shares hit record highs on consumer, IT boost
- Date: 13th August 2021
- Summary: MUMBAI, MAHARASHTRA, INDIA (AUGUST 13, 2021) (ANI - NO USE INDIA) VARIOUS OF BOMBAY STOCK EXCHANGE (BSE) BUILDING TICKER SHOWING STOCK MOVEMENT PEOPLE WALKING OUTSIDE BSE (SOUNDBITE) (English) STOCK MARKET EXPERT, SUNIL SHAH, SAYING: "It's a huge huge gain and which proves only one thing that those who believed in the Indian economy, Indian businesses, Indian corporates, and Indian capital market, they have successfully created wealth. So, I would say remarkable achievement by the all stakeholders of this." BSE BUILDING
- Embargoed: 27th August 2021 08:50
- Keywords: 000 55 IT India Maharashtra Mumbai Nifty Sensex record high stocks
- Location: MUMBAI, MAHARASHTRA, INDIA
- City: MUMBAI, MAHARASHTRA, INDIA
- Country: India
- Topics: Asia / Pacific,Economic Events
- Reuters ID: LVA001EQ44BPR
- Aspect Ratio: 16:9
- Story Text:Indian shares touched record highs on Friday (August 13), driven by consumer and IT stocks after data showed a slowdown in monthly inflation and the government assured of more support to ease economic strain caused by the pandemic.
By 0459 GMT, the blue-chip NSE Nifty 50 index was up 0.47% at 16,440.10 and the benchmark S&P BSE Sensex rose 0.45% to 55,101.54. Both the indexes are up more than 1% so far this week.
India's July consumer prices eased to 5.59% from June's 6.26% annual inflation rate and below a Reuters poll forecast of 5.78%.
Aiding sentiment, Finance Minister Nirmala Sitharaman told industrialists on Thursday (August 12) that the economy had not so far reached a level where the central bank can begin pulling back liquidity.
Regulatory crackdowns in China have led to foreign investors redirecting money into equities in India and other emerging markets, analysts have noted.
Foreign investors have bought $243.28 million in Indian equities so far this month, according to Refinitiv Eikon data.
Fast moving consumer goods and IT services led gains among the Nifty's sectoral indexes, rising 0.9% and 0.8%, respectively.
Tata Consumer Ltd and Hindalco Industries Ltd were the top Nifty gainers, rising over 2% each.
Shares of Wockhardt Ltd rose as much as 8.1% as the pharmaceutical company signed a deal with Dubai's Enso Healthcare to make and supply doses of Russia's Sputnik V COVID-19 vaccine.
Technocraft Industries (India) surged 16% after its June-quarter profit more than doubled.
Nifty 50 companies Oil and Natural Gas Corp Ltd and Grasim Industries Ltd will report earnings later in the day.
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