Soaring Indian stocks benchmark sets economy towards reaching new highs

The S&P BSE Sensex climbed 0.5% to 44,750.60 as of 9:56 a.m. in Mumbai, while the NSE Nifty 50 Index advanced by the same magnitude.

India’s stocks benchmark extended gains from a record as a world-wide rally drove global equities to new highs.

A digital screen on the facade of the Bombay Stock Exchange (BSE) building displays stock prices as Sensex soared, in Mumbai. (PTI)

The S&P BSE Sensex climbed 0.5% to 44,750.60 as of 9:56 a.m. in Mumbai, while the NSE Nifty 50 Index advanced by the same magnitude. The MSCI Asia Pacific and World indexes are also set for fresh peaks.

“Global economies and markets are stabilizing,” said Deven Choksey, a strategist at KRChoksey Investment Managers Pvt. in Mumbai. “I don’t see this momentum fading away any time soon.”

India’s economy is showing more signs that it will climb out of a coronavirus-induced recession in the final quarter of this year. The optimism that vaccines will soon provide an exit from the pandemic, along with Joe Biden’s transition toward the US presidency, is also boosting the sentiment.