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Indian shares hit record highs on financial gains, GDP jump in Q1

Indian shares hit all-time highs on Wednesday, helped by financials and automaker stocks, and after data showed the economy grew more than 20% in the June-quarter

Topics
Indian stock market | stock market rally | India GDP

Reuters  |  BENGALURU 

stock market BSE building
BSE

BENGALURU (Reuters) - Indian shares hit all-time highs on Wednesday, helped by financials and automaker stocks, and after data showed the economy grew more than 20% in the June-quarter.

The blue-chip NSE Nifty 50 index was up 0.22% at 17,170.25 by 0347 GMT and the benchmark S&P BSE Sensex rose 0.24% to 57,687.67. Both the indexes had touched record highs in the last two sessions.

India's economy rebounded in the April-June quarter even as a devastating second wave of COVID-19 swept the country, with growth driven by a surge in manufacturing and higher consumer spending.

The data was in line with a Reuters poll forecast of 20.0%, compared with a record contraction of 24.4% in the same quarter a year earlier.

Axis Bank Ltd and Bajaj Auto Ltd were among the top performers on the Nifty 50.

In the broader market, Asian shares gave up some of their recent gains in cautious trading on worries about slowing global growth in several economies. [MKTS/GLOB]

 

(Reporting by Rama Venkat in Bengaluru; editing by Uttaresh.V)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Wed, September 01 2021. 10:08 IST
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