Indian shares hit listing highs on tech, user stocks enhance

BENGALURU (Reuters) - Indian shares ended elevated on Tuesday, with the blue-chip Nifty index surpassing the 16,000 level for the principle time, as investors guess on a faster restoration in Asia’s third-biggest financial system following a devastating 2nd COVID-19 wave.

Clouds are viewed over the Bombay Stock Substitute (BSE) constructing in Mumbai, India Could perchance more than most likely furthermore 25, 2016. REUTERS/Danish Siddiqui/File Command

The NSE Nifty 50 index ended up 1.55% at 16,130.75 and the benchmark S&P BSE Sensex rose 1.65% to 53,823.36.

“The (16,000) level is predominant. This could occasionally add to the boldness of investors, especially because within the last 2-3 weeks the trend used to be veteran,” said Vinod Nair, head of compare at Geojit Financial Services.

“Earnings is providing rather a pair of enhance to the market. The financial system is able to sustain itself within the original norm. The market is making a guess the COVID affect subsequent year goes to be great decrease,” Nair said, adding that a slew of successful preliminary public offerings had also boosted retail investor self belief.

Indian e-commerce beauty company Nykaa plans to lift $500 million thru its preliminary public offering, a source told Reuters, changing into primarily the most in trend homegrown startup to pursue a itemizing on the domestic bourses.

Indian shares maintain extra than doubled since hitting advance four year-lows in March 2020 when the COVID-19 pandemic struck, as a market flush with liquidity saw sturdy international fund inflows and elevated retail participation.

Indian equities maintain attracted a acquire $6.93 billion in international inflows this year as of July, despite outflows from numerous Asian stock markets, files from Refinitiv Eikon showed.

Home investors bought a acquire $2.2 billion value of fairness mutual funds within the principle half, when in contrast with acquire promoting of $5.34 billion within the 2nd half of 2020, files from Refinitiv Lipper showed.

HDFC Ltd and Titan Company Ltd were high gainers on the Nifty 50 index, adding 3.8% and 3.9%, respectively.

The rapid-transferring user items sub-index rose 1.73% and Nifty finance index won 1.68%.

Reporting by Nallur Sethuraman and Gaurav Dogra in Bengaluru; Editing by Ramakrishnan M.

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