Mumbai: India stocks rose, heading for their first monthly gain this year, with the world’s biggest lockdown scheduled to end on Sunday. Equities across Asia gained Thursday amid signs of progress in treating the coronavirus.
The S&P BSE Sensex climbed 2.8% to 33,605.99, while the NSE Nifty 50 Index added 2.7%. Both gauges have rebounded by more than 20% from March lows, and each is set for their best monthly performance since 2009. Markets are shut on Friday for a holiday.
Reliance Industries Ltd., the nation’s biggest company by market value, and Hindustan Unilever Ltd. are due to report quarterly earnings today, while Reliance will also announce plans on its rights’ offer as the energy-to-technology conglomerate steps up efforts to pare debt. Seven of the Nifty 50 companies have posted earnings so far for the January to March period.
“The sentiment is positive now as the government has been talking about a stimulus focusing on mid and small-sized companies.” said Abhimanyu Sofat, head of research at IIFL Securities Ltd. in Mumbai. “If you do find there is significant improvement in people’s ability to go back to offices it will be a big positive because the curve of coronavirus cases isn’t going up.”
India’s home ministry Thursday allowed migrant workers, pilgrims, tourists, students and others stranded at different places in the country because of the coronavirus lockdown, to go home. The nation has reported 33,062 Covid-19 infections, including 1,079 deaths, according to data compiled by Johns Hopkins University.
- All 19 sub-indexes compiled by BSE Ltd. climbed, let by a gauge of automobile makers
- HDFC Bank Ltd. contributed the most to the Sensex advance, increasing 3.1%, while Maruti Suzuki India Ltd. had the largest gain, rising 7%
News media is in a crisis & only you can fix it
You are reading this because you value good, intelligent and objective journalism. We thank you for your time and your trust.
You also know that the news media is facing an unprecedented crisis. It is likely that you are also hearing of the brutal layoffs and pay-cuts hitting the industry. There are many reasons why the media’s economics is broken. But a big one is that good people are not yet paying enough for good journalism.
We have a newsroom filled with talented young reporters. We also have the country’s most robust editing and fact-checking team, finest news photographers and video professionals. We are building India’s most ambitious and energetic news platform. And we aren’t even three yet.
At ThePrint, we invest in quality journalists. We pay them fairly and on time even in this difficult period. As you may have noticed, we do not flinch from spending whatever it takes to make sure our reporters reach where the story is. Our stellar coronavirus coverage is a good example. You can check some of it here.
This comes with a sizable cost. For us to continue bringing quality journalism, we need readers like you to pay for it. Because the advertising market is broken too.
If you think we deserve your support, do join us in this endeavour to strengthen fair, free, courageous, and questioning journalism, please click on the link below. Your support will define our journalism, and ThePrint’s future. It will take just a few seconds of your time.