Published On: Mon, Mar 1st, 2021

Indian shares jump as economy exits recession

BENGALURU (Reuters) – Indian shares jumped on Monday after data showed that the country’s economy returned to growth in the December quarter, while progress in U.S. stimulus package also lifted sentiment.

People look at a screen displaying the Sensex on the facade of the Bombay Stock Exchange (BSE) building in Mumbai. (Photo/Reuters)

The NSE Nifty 50 index rose 1.37% to 14,724.40 by 0350 GMT and the S&P BSE Sensex firmed 1.38% to 49,718.93.

Both the indexes slumped nearly 4% on Friday as rising bond yields sparked a massive sell-off in global equities.

But with bond yields easing from last week’s peaks and the U.S. House passing President Joe Biden’s $1.9 trillion coronavirus relief package, MSCI’s broadest index of Asia-Pacific shares outside Japan gained nearly 1% on Monday.

Indian equities also got a boost from data showing that the country’s gross domestic product grew 0.4% in October to December, compared with a revised contraction of 7.3% in July to September.

Reliance Industries rose 1.2% and was the biggest boost to the Nifty. The conglomerate bought an additional stake in passenger transit services provider skyTran Inc for $26.8 million, the company said late on Sunday.

On Friday, telecom operator Reliance Jio said it would offer mobile phones and unlimited services for two years at 1,999 rupees ($27.16).

Shares of rival telecom firms Bharti Airtel and Vodafone Idea fell 2.5% and 1.7%, respectively.

The Nifty Auto index climbed 1.6%, with investors awaiting monthly sales data from automakers due later on Monday.

Disclaimer :- This story has not been edited by The Sen Times staff and is auto-generated from news agency feeds. Source: Reuters

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