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With the rollout of a Covid-19 vaccine around the corner in India, hopes are rising among business leaders of a swift recovery in 2021 after the economy was plunged into a recession last year because of the impact of the pandemic and lockdown restrictions.
India has given emergency approvals for two vaccines – the Oxford-AstraZeneca jab and a homegrown candidate – and it is currently preparing to begin its immunisation drive, which starts on January 16. This will start with 30 million essential workers, and India has the ambitious target of vaccinating some 300 million citizens by the middle of the year. India is the second-worst affected country after the US with more than 10 million confirmed Covid-19 infections.
Auto, IT stocks give Sensex a 689 point boost, Nifty ends near 14,350
The blue-chip NSE Nifty 50 index closed up 1.48% at 14,347.25 and the benchmark S&P BSE Sensex gained 1.43% to 48,782.51. Both indexes ended the first trading week of the new year with gains of 2.3% and 1.9%, respectively.
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UPDATED: January 8, 2021 16:44 IST
The Nifty IT index jumped 3.61%, with TCS gaining 2.9% ahead of its results. The stock was among the top boosts to the Nifty 50. (Photo: Reuters)
IT stocks lift Indian shares to record closing highs ahead of TCS results. IT services stocks powered Indian shares to record closing highs on Friday, as the sector kicks off the third-quarter earnings season, with Tata Consultancy Services set to report its results later in the day.
Indian IT services and financial shares helped key stock indexes to scale a record highs on Friday, as investors turned their focus to the third-quarter earnings season. Favourable global cues along with positive domestic macro-economic data pushed the equities
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BENGALURU Indian IT services and financial stocks helped the blue-chip Nifty scale a record high on Friday, as investors turned their focus to the third-quarter earnings season with IT major Tata Consultancy Services reporting its results later in the day.
By 0454 GMT, the NSE Nifty 50 advanced 0.91% to 14,266.00 and the benchmark S&P BSE Sensex added 0.82% to 48,492.18, with both indexes on track to close out the first full week of the new year higher.
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