Nifty, Sensex edge up on economic recovery signs; auto sales data eyed
Indian shares edged higher on Tuesday following their best monthly gain since April, with sentiment lifted by a smaller-than-expected contraction in Asia’s third-largest economy and broader optimism stemming from hopes for a Covid-19 vaccine.
The NSE Nifty 50 index rose 0.15% to 12,988 by 0350 GMT, while the benchmark S&P BSE Sensex was up 0.11% at 44,198.47, after closing out November with gains of more than 11% each. Indian stock markets were closed on Monday for a holiday.
Government data released after market hours on Friday showed Asia’s third-largest economy contracted by 7.5% in the September quarter, versus an 8.8% contraction expected in a Reuters poll, amid signs of a pick-up in manufacturing.
Investors are now awaiting monthly auto sales data due later in the day. The Nifty Auto Index was flat in early trading.
Enter your email to get our daily newsletter in your inbox
- According to sources, NIIF has made an equity investment of ₹4,689 crore, while the co-investment by its partners stood at about ₹7,053 crore at the end of September 2020. The quasi-sovereign wealth fund's total equity investment along with partners stood at ₹11,742 crore as of September 2020.
- Officials are worried that technical permitting decisions are being placed in the hands of political appointees, rather than expert regulators in the field. And they’re concerned permits -- or simply changes to them -- will be delayed for existing drilling operations.
- ED's money laundering probe in the PMC Bank case began after the Mumbai police registered a criminal case in September 2019 against HDIL, its promoters Rakesh Wadhawan and Sarang Wadhawan among others.