The NSE Nifty 50 index rose 0.47% to 15,707.80 and the benchmark S&P BSE Sensex climbed 0.40% to 52,152.06 by 10:35 am. Both the indexes closed more than 0.63% lower on Wednesday.
Reliance Industries Ltd, Infosys Ltd and Tata Consultancy Services Ltd were among the top boosts to the Nifty 50. (Photo: Reuters)
Indian shares extended gains from their opening levels on Thursday, boosted by financials and energy stocks, with investors eyeing U.S. inflation data to gauge its central bank’s stance on trimming stimulus measures.
The blue-chip NSE Nifty 50 index rose 0.47% to 15,707.80 and the benchmark S&P BSE Sensex climbed 0.40% to 52,152.06 by 10:35 am. Both the indexes closed more than 0.63% lower on Wednesday.
“Globally, stock market action in the next couple of days is likely to be decided by the U.S. inflation data to be released today.” said V K Vijayakumar, chief investment strategist at Geojit Financial Services.
The data could offer clues on when the Federal Reserve might tighten its dovish monetary policy, which could ultimately impact foreign fund flows into emerging markets such as India.
At home, it has been a “buy on dips” market, with retail investor enthusiasm at an all-time high, Vijayakumar said.
The Nifty 50 and the BSE Sensex are set for a fourth straight weekly gain.
Reliance Industries Ltd and Bajaj Finance Ltd were among the top boosts to the Nifty 50, gaining between 0.8% and 2.5%. Shares of Reliance have risen in five of the last eight trading sessions.
The Nifty PSU Bank Index, which tracks state-run banks, was up as much as 1.55%. It has lost 2.50% so far this week.
The Nifty energy index, which has risen 1.48% so far this week, was up as much as 1.09%.
Meanwhile, India reported 94,052 new COVID-19 infections in the last 24 hours, staying below 100,000 cases for the third straight day. However, deaths rose by a record 6,148, the biggest single-day jump in the world.
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