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Indian Shares Rally as COVID19 Cases Fall; GDP Data Awaited

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Indian shares ended 1 higher on Monday, extending their rally from last week, as a declining trend in daily COVID19 cases buoyed investor sentiment ahead of GDP data for the first three months of the year.

The bluechip NSE Nifty 50 index rose 0.95 to 15,582.80 at close, while the benchmark SP BSE Sensex climbed 1 to 51,937.44. The indexes posted gains of around 2 each last week, with the Nifty closing at a record high on Friday.

Indian bond yields also edged higher, following the governments decision to further increase its market borrowing.

The countrys statistics ministry was set to announce fourthquarter GDP data at 1200 GMT, with economists expecting growth likely picked up during the period, even as they remained downbeat about the current quarter after a harsh second wave of COVID19.

Meanwhile, fresh COVID19 cases continued to fall. The country on Monday reported its lowest daily increase in new infections since April 11 at 152,734, and staying below the 200,000mark for the fourth day.

Energy and financials provided the biggest support, with the Nifty energy index climbing 1.75, the second highest most among subindexes. The Nifty Bank Index closed 1.10 higher and the Nifty Private Bank Index rose 1.09.

Conglomerate Reliance Industries Ltd and ICICI Bank Ltd were the top boosts to the Nifty 50, both gaining 3. Reliance, which ended 6 higher on Friday, has risen in the last five out of eight trading sessions.

Among losers, Mahindra and Mahindra Ltd closed down…

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