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Gulf Today Report
Indian stocks rose on Thursday after the Joe Biden inauguration as the 46th US President and hope for economic recovery due to vaccine roll-out.
The Bombay Stock Exchange's Sensex index rose 0.5 per cent passing the 50,000 marks.
Mumbai's main Sensex index was up 344 points or 0.69 per cent at 50,137 points at 1130 am (0600 GMT). The Nifty 50 was up 93 points or 0.64 per cent at 14,738 points.
India is the second-most coronavirus infected country in the world. The third-largest economy has been struggling to revive demand.
Although India recorded a technical recession for the first time since independence, experts are hopeful for an economic recovery due to the vaccination drive.
Ashutosh Datar, an independent economist said: "the absence of renewed lockdowns means that economic activity will normalise quite quickly."
Investors are also looking ahead to the release of the government's annual budget at the beginning of next month, with Finance Minister Nirmala Sitharaman facing the tough task of boosting employment and demand while keeping the ballooning fiscal deficit in check.
The Indian equity markets is set to face another volatile week ahead, as the ongoing flight of foreign funds is expected to continue on the back of latest taxation surcharge on the super rich category along with subdued quarterly earning numbers.
Strong gains by index major Infosys and Sun Pharma aided the Sensex in advancing over 160 points on Monday. Infosys hit its all-time high level with 7.2 per cent gain on the back of strong numbers in its quarterly results
Looking like the last day of the losing streak for the markets, Thursday’s trading session, however, proved no different that the developments over the past five days.
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