World stocks hit record levels on Monday, owing to the sentiment uplifted by the global markets.
On 13th July, Indian shares rose big time, led by gains in banking and auto stocks. Despite a lesser-than-expected rise in June, retail inflation is expected to make the central bank keep policy rates low to support the economy impacted by the Covid-19 pandemic.
The blue-chip NSE Nifty 50 and S&P BSE Sensex were up last morning at 0.43 and 0.42 at 15,760.35 and 52,591.06 points. While ICICI Bank’s shares rose by 1.8 percent, HDFC also gained 1.5 percent. Among the top boosts were the lenders, as they added 0.8 percent to the Nifty Bank index.
World stocks hit record levels on Monday, owing to the sentiment uplifted by the global markets. On the other hand, the investors kept a close eye on the implications of the Delta variant of Covid-19 on the global economy.
Apart from this, the shares of drugmaker FDC Ltd increased by 3.3 percent in Mumbai trading after an online suspension formulation was launched for Covid-19 treatment Favipiravir. Similarly, Suntech Realty’s shares witnessed a major increase at 6.4 percent after reporting a rise in the first quarter of pre-sales bookings. To the surprise of economists, India’s retail inflation rose less than expected in June. It gave more impetus to the view that the central bank should go with policy rates of current levels to lend a supporting hand to the volatile economy. However, if the economists are to be believed, the June inflation print was above the upper range of the central bank’s 2-6 percent target, despite the easing price pressure.