Indian shares gain, reaching record high
Picture used for illustrative purpose. File
Gulf Today Report
Indian shares jump on Monday, following overnight gain by the country’s top software exporter, Tata Consultancy Services (TCS).
The blue-chip NSE Nifty 50 index advanced 0.67% while the benchmark S&P BSE Sensex climbed 0.74%.
The Nifty IT index rose 1.9%, with TCS climbing 1.5% to hit a record high of 3,230 rupees. Shares of D-Mart operator Avenue Supermarts rose 2.8%.
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"The results of TCS and D-Mart have surprised the market. Also, the new US government might increase the stimulus package. These are the reasons the market is very positive," said AK Prabhakar, head of research at IDBI Capital in Mumbai.
On the other hand, Asian shares took a breather while Treasury yields were at 10-month highs as "trillions" in new US fiscal stimulus plans were set to be unveiled this week.
