Indian shares ended at record highs on Tuesday, as declining COVID-19 infections prompted many states to re-open businesses, with a rally in broader markets also helping the sentiment.
Many Indian states eased coronavirus restrictions on Monday, including the national capital New Delhi, where authorities allowed shops and malls to open as the number of new cases dropped to the lowest in more than two months. read more
India on Tuesday reported 60,471 new infections, the lowest since March 31. read more
The sentiment also tracked global stocks that hit a record high, as investors bet likely “transitory” inflation pressures will restrain the U.S. Federal Reserve from signalling a shift in policy settings.
Many investors expect the Fed to maintain its dovish stance at its two-day meeting starting on Tuesday. Some board members, however, have said the central bank should start discussing tapering its bond buying.
The Nifty Bank Index (.NSEBANK) and the Nifty Private Bank Index (.NIFPVTBNK), which have so far gained more than 0.55% this week, were among the top performers across sub-indexes rising between 0.85% and 1.07%.
Shares of Future Retail Ltd (FRTL.NS) closed 10% higher, after staying at those levels since early trade.
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