Indian shares rose for the third day running Wednesday on the back of firm global cues as U.S. Treasury yields retreated and the Biden administration announced measures to scale up capacity to administer vaccines at an ever-faster clip.
India’s service sector activity expanded at a faster rate in February, a survey showed, adding to the positive sentiment.
The IHS Markit services Purchasing Managers’ Index rose to 55.3 in February from 52.8 in January as new work intake increased for the fifth month in a row.
The 30-share BSE Sensex closed up 1,147.76 points, or 2.28 percent, at 51,444.65, while the broader NSE Nifty index soared 326.50 points, or 2.19 percent, to settle at 15,245.60.
Metal stocks surged on hopes of a swifter economic recovery from the coronavirus pandemic. Tata Steel jumped 5.3 percent while Hindalco gained 3.9 percent and JSW Steel added 3.3 percent.
Financials followed suit, with Bajaj Finance rising 4.3 percent and Bajaj FinServ climbing 5 percent.
Heavyweight Reliance Industries rallied 4.8 percent after Jio Infocomm emerged the top bidder in India’s $11 billion airwaves auction, cornering roughly three-fourths of the spectrum sold in the two-day event.
Sensex Soars 1,148 Points; Nifty Nears 15,250
2021-03-03 11:29:58
