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Global investors drive Indian shares to 3-month high

Nallur Sethuraman/Bengaluru
Filed on June 23, 2020
Larsen & Toubro Ltd closed 6.7 per cent higher and provided the top boost to the Nifty 50 index. - Reuters

Heavyweight financial stocks provided the biggest boost to the bluechip NSE Nifty 50 index index, with the Nifty banking index gaining 2.8 per cent.

Indian shares closed at a three-month high on Tuesday as global investors poured more cash, hoping to profit from a recovery in a market that has so far lagged its peers.

Heavyweight financial stocks provided the biggest boost to the bluechip NSE Nifty 50 index index, with the Nifty banking index gaining 2.8 per cent.

Foreign institutional investors bought shares worth more than 25 billion rupees ($330 million) in the past three sessions, Central Depository Services data showed.

This suggested global investors were pushing some of the huge surplus of cash pumped into the banking system by central banks to buy into Mumbai.

The local market is one of the worst performers among big emerging economies this year, and some analysts argue this has made it ripe for investments. The Nifty 50 index is down nearly 14 per cent so far this year.

The NSE Nifty 50 index ended up 1.55 per cent at 10,471 on Tuesday, and the benchmark S&P BSE Sensex gained 1.58 per cent to 35,464.54. The Nifty's close was its best since March 11.

The information technology index ended 1.5 per cent higher after falling as much as 1 per cent earlier in the session on worries over US President Donald Trump's plan to block the entry of foreign workers on H-1B visas.

Larsen & Toubro Ltd closed 6.7 per cent higher and provided the top boost to the Nifty 50 index, while Bajaj Finance Ltd, which surged 9.3 per cent, was the top gainer on the index. - Reuters

 


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