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Indian shares edge higher even as coronavirus cases surge

Chris Thomas/Bengaluru
Filed on July 1, 2020
The NSE Nifty 50 index rose 0.25 per cent to 10,327.65, while the benchmark S&P BSE Sensex was up 0.3 per cent at 35,019.67. - Reuters

The NSE Nifty 50 index settled down 0.1 per cent at 10,302.1 on Tuesday.

Indian shares inched higher on Wednesday as investor optimism was boosted by strong factory data out of China, offsetting fears of rising coronavirus cases, with Bharti Airtel Ltd leading small gains after a deal with Carlyle.

The NSE Nifty 50 index rose 0.25 per cent to 10,327.65 by 0350 GMT, while the benchmark S&P BSE Sensex was up 0.3 per cent at 35,019.67.

Broader Asian stocks struggled for traction as better than expected Chinese factory activity could not soothe persistent worries that a surge in coronavirus cases in the United States could hinder an economic recovery.

Cases in India jumped by more than 18,000 to 585,493 as of Wednesday morning, including 17,400 deaths, according to federal health ministry data.

Bharti Airtel topped gains in Mumbai, rising as much as 2.7 per cent after Carlyle said it will buy a 25 per cent stake in Bharti's data centre arm for $235 million.

Indian shares ended lower on Tuesday - its best quarter since 2009 - led by losses in energy stocks, and ahead of Prime Minister Narendra Modi's address to the nation.

The NSE Nifty 50 index settled down 0.1 per cent at 10,302.1 on Tuesday, while the benchmark S&P BSE Sensex slipped 0.13 per cent to 34,915.8 after rising around 0.8per cent each during the session.

The Nifty closed the quarter about up 19.8 per cent and the Sensex 18.5 per cent, registering their best performances since the June quarter of 2009, after hitting a four-year low in March.

Both indexes are still down around 15 per cent for the first half of the year, as markets grappled with the impact of the coronavirus pandemic on the country's already weak economy and more recently the border tensions with China.

Meanwhile, Indian rupee opened flat at 75.51 per US dollar to quote at Dh20.57 on Wednesday against previous close of 75.50, amid positive domestic equity market. - Reuters, business@khaleejtimes.com

 


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