Sensex, Nifty climb for third day; metals, software stocks gain
Thursday, April 08, 2021       13:32 WIB

April 8, 2021 - 11:14 AM
By Sachin Ravikumar, Soumyajit Saha
BENGALURU (Reuters) - Indian shares rose for a third straight session on Thursday, as metals and software services stocks led a broad-based advance after the country's central bank kept its monetary policy accommodative to support economic growth.
A bird flies past the Bombay Stock Exchange (BSE) building in Mumbai, India, January 31, 2020. REUTERS/Francis Mascarenhas
India's main stock indexes have been retreating from the record highs of February amid a resurgence in COVID-19 cases that has spurred curbs in some states and threatened to derail a nascent economic recovery. Infections jumped by another daily record on Thursday.
The Reserve Bank of India (RBI) on Wednesday kept interest rates at record lows but committed to a massive government bond purchase programme, helping keep share markets buoyant.
"The RBI has taken some radical measures, which is helping keep markets afloat today," Deepak Jasani, head of retail research at HDFC Securities in Mumbai, said.
"It is continuing on a dovish path, and it is playing all its cards one after the other, to provide sufficient liquidity in the system and to keep interest rates under control."
The NSE Nifty 50 index rose 0.83% to 14,940.95 by 0500 GMT, while the S&P BSE Sensex was up 0.81% at 50,065.72. All 14 sectoral indexes were higher.
The Nifty IT index that tracks software services stocks climbed 1.74% as the rupee weakened after the RBI's announcement of the bond-buying programme.
Earnings of export-reliant software services stocks tend to benefit from a weaker local currency. Infosys and Tata Consultancy Services were up more than 1% each.
Metals stocks rose 1.6%. Hindalco and Tata Steel were among the top gainers on the Nifty 50, rising about 2% each as steel prices in China hovered around a record high.
Other Asian share markets were largely flat but S&P 500 futures climbed 0.3% to a new peak after a dovish outlook from the Federal Reserve.
Reporting by Sachin Ravikumar and Soumyajit Saha in Bengaluru; editing by Uttaresh.V

Sumber : Reuters

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