Indian Equities Rise For 3rd Consecutive Day; Boosted By Metals, Software Stocks

Indian Equities Rise For 3rd Consecutive Day; Boosted By Metals, Software Stocks

08 Apr 2021 11:53 AM
 

Indian equities climb for a third straight session today, as metals and software services stocks advanced after the RBI kept its monetary policy accommodative to support economic growth.

The RBI yesterday kept interest rates at record lows but committed to a massive government bond purchase programme, helping keep share markets buoyant.

The NSE Nifty 50 index climbed 0.83% to 14,940.95 by 1030 IST, while the S&P BSE Sensex edged up 0.81% at 50,065.72.

The Nifty IT index that tracks software services stocks rose 1.74% as the rupee weakened after the RBI's announcement of the bond-buying programme.

Earnings of export-reliant software services stocks tend to benefit from a weaker local currency. Infosys and Tata Consultancy Services were up more than 1% each.

Metals stocks climbed 1.6%. Hindalco and Tata Steel were among the top gainers on the Nifty 50, rising about 2% each as steel prices in China hovered around a record high.