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Equities up for sixth day as post-budget rally continues

Reuters BENGALURU | Updated on February 08, 2021 Published on February 08, 2021

Indian shares rose for a sixth straight session on Monday as a federal budget-inspired rally continued, with financial firms powering most of the gains in the main stock indexes.

A growth-focused federal budget unveiled last week haspowered India's main stock indexes to record highs in recentsessions. A Covid-19 vaccination drive that is underway and strong corporate earnings have also aided upbeat sentiment.

The NSE Nifty 50 index was 1.07% higher at 15,083.15 by 0350 GMT, while the S&P BSE Sensex climbed 1.1% to 51,294.40. Both indexes hit record highs.

 

ICICI Bank and HDFC Bank were the top two boosts to the Nifty 50.

Shares in NTPC fell as much as 3.4% after a hydropower plant being constructed by the state-run power utility was damaged by an avalanche in northern India.

Meanwhile, other Asian shares also rose amid hopes a $1.9 trillion Covid-19 aid package will be passed by U.S. lawmakersas soon as this month.

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Published on February 08, 2021
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