RUS | ENG | All
Enter the email or login, that you used for registration.
If you do not remember your password, simply leave this field blank and you will receive a new, along with a link to activate.

Not registered yet?
Welcome!

2021-02-01 12:05:00

INDIA'S INDEXES UP

INDIA'S INDEXES UP

REUTERS - FEBRUARY 1, 2021 -  Indian shares jumped more than 3% on Monday as Finance Minister Nirmala Sitharaman announced a slew of measures to revive the pandemic-hit economy, while bond yields rose after the government warned that fiscal deficit for 2020/2021 will be wider than expected. 

Sitharaman proposed doubling healthcare spending, a vehicle scrappage policy, recapitalisation of public-sector banks and divestment of some state-owned lenders, aiming to bolster an economy that plunged into its deepest recorded slump amid the virus outbreak. 

The blue-chip NSE Nifty 50 and S&P BSE Sensex indexes rose more than 3.5% to 3.7% after the budget.

The 10-year bond yield rose around 15 basis points to 6.09% and the rupee weakened slightly, after Sitharaman said India was targeting fiscal deficit for 2020/2021 at 9.5% of GDP, wider than about 7% expected earlier.

The government also announced additional market borrowing.

“The indications are that the government is doing more to promote growth rather than maintaining fiscal discipline. This is a welcome move as it will have a positive impact on growth,” said Sujan Hajra, chief economist at Anand Rathi Securities.

The stock indexes had fallen for six straight sessions in the days leading up to the budget, after rocketing to record highs earlier in 2021 as India started a huge vaccination drive and as companies reported encouraging earnings.

The Nifty Auto index climbed 3.4% on Monday following the new scrappage policy, while the Nifty PSU Bank index, which tracks state-run lenders jumped 6.4%.

Banks were also supported as Sitharaman said India would set up an asset reconstruction company to take over toxic assets. State Bank of India, India’s largest lender by assets, rose as much as 7.8%.

Insurers HDFC Life Insurance Co and ICICI Prudential Life Insurance Co rose between 5% and 6% after India raised the foreign investment limit in the insurance sector to 74% from 49%.

Surges in ICICI Bank and IndusInd Bank after quarterly earnings lifted the Nifty Bank index 6.8%.

The blue-chip indexes recovered from a pandemic-induced plunge in March last year to finish 2020 around 15% firmer, their best performance since 2017, fuelled by strong foreign inflows amid massive liquidity in global markets and vaccine hopes.

India’s economy is seen clocking robust growth of 11% for the coming fiscal year, after likely contracting 7.7% in the current fiscal year to March 31, an annual economic survey showed on Friday.

-----


Earlier:

INDIA'S INDEXES UP
2021, January, 29, 14:20:00
INDIA WILL UP BY 11%
India’s government forecast a robust economic recovery of 11% for fiscal 2021-22 in its annual economic statement
INDIA'S INDEXES UP
2021, January, 25, 14:05:00
INDIA'S COAL INVESTMENT $55 BLN
Coal currently plays a critically important role in balancing the electricity grid while India drives an ever-larger infrastructure investment into ever-cheaper domestic, sustainable, zero emissions renewable energy.
INDIA'S INDEXES UP
2021, January, 20, 14:40:00
INDIA INDEXES UP
The blue-chip NSE Nifty 50 index rose 0.4% to 14,574 and the benchmark S&P BSE Sensex was up 0.3% at 49,544.75
INDIA'S INDEXES UP
2020, December, 14, 12:45:00
INDIA'S FUEL DEMAND UP
Consumption of refined fuels, a proxy for oil demand, in November rose 0.4% from the previous month to 17.83 million tonnes
INDIA'S INDEXES UP
2020, December, 2, 14:30:00
INDIA'S RENEWABLE PLAN $20 BLN
India's renewables energy plan will require an annual investment of $20 BLN.
INDIA'S INDEXES UP
2020, November, 12, 13:50:00
INDIA'S ECONOMY STIMULUS $16 BLN
The government will spend 1.2 trillion rupees ($16.1 billion) on the latest stimulus program in addition to the 1.45 trillion rupees announced on Wednesday,
INDIA'S INDEXES UP
2020, November, 11, 14:35:00
INDIA ENERGY CONSUMPTION WILL DOUBLE
"India is set to nearly double its energy consumption over the long-term," Prime Minister Narendra Modi told the virtual forum. "Our energy sector will be growth-centric, industry friendly and environment-conscious."
All Publications »
Tags: INDIA, SHARES, STOCKS, BONDS, INDEXES
Chronicle:
INDIA'S INDEXES UP
2022, July, 5, 12:09:00
6TH ANNUAL LNG SUMMIT USA
The 6th Edition of Wisdom’s Much Acclaimed Annual LNG Summit Will Be Held Live in Houston - PREPARING THE INDUSTRY FOR THE RISE IN DEMAND FOR LNG
INDIA'S INDEXES UP
2022, July, 5, 12:08:00
9TH INTERNATIONAL LNG CONGRESS LNGCON 2023
9th International LNG Congress (LNGCON 2023) 6-7 March, 2023 Link to the Congress website: https://bit.ly/3tXVmr7
INDIA'S INDEXES UP
2022, July, 5, 12:05:00
GLOBAL NUCLEAR SMR STANDARDIZATION
Senior nuclear regulators and industry leaders met for the first time under the IAEA’s Nuclear Harmonization and Standardization Initiative (NHSI) on 23-24 June to discuss roadmaps to accelerate the safe and secure deployment of advanced nuclear reactors, with a particular focus on small modular reactors (SMRs).
INDIA'S INDEXES UP
2022, July, 5, 12:00:00
RUSSIAN NUCLEAR FOR EGYPT
El-Dabaa - Egypt's first NPP - is to be built in the province of Matruh on the Mediterranean coast, about 300km north-west of Cairo.
INDIA'S INDEXES UP
2022, July, 5, 11:55:00
STRONG OIL VOLATILITY
Last week we saw major volatility on the Oil tabs especially on the Bearish alignment,as the rangebound zones maintained within the Crude Oil WTI
INDIA'S INDEXES UP
2022, July, 5, 11:50:00
RUSSIAN LNG CONTROL
The decree created a new Russian firm that will take over all rights and obligations of Sakhalin Energy Investment Corporation.
INDIA'S INDEXES UP
2022, July, 5, 11:45:00
WORLDWIDE RIG COUNT UP 78 TO 1,706
The Worldwide Rig Count for May was 1,706, up 78 from the 1,628 counted in May 2022,and up 381 from the 1,325 counted in May 2021.
All Publications »