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₹468.8 -11.1  -2.3%

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Basic Materials
Large Cap
Market Cap £10.42bn
Enterprise Value £15.00bn
Revenue £14.35bn
Position in Universe 49th / 3166

Indian shares rise on hopes for economic relief measures

Fri 14th August, 2020 6:55am
By Chandini Monnappa
    BENGALURU, Aug 14 (Reuters) - Indian shares rose on Friday,
powered by drug stocks and heavyweight Reliance Industries, as
hopes of more economic relief measures to blunt the impact of
the COVID-19 pandemic boosted sentiment.
    Indian stocks have been hovering around five-month highs
after a rare six-day winning streak, while small-cap shares
 .SPBSSIP  have risen enough to clock a gain in 2020, rallies
that many analysts say does not reflect the economic reality.
    As an unabated rise in coronavirus cases further dims the
economic outlook, some investors are hopeful of further
government measures to revive growth, analysts said.
    India's manufacturing sector has been hit hard by the
nationwide lockdown imposed to curb the spread of the coronavius
and industrial output slid 16.6% year-on-year in June.
    "There could be some expectations of announcements (from the
prime minister) on Independence Day," said Siddhartha Khemka,
head of retail research at Motilal Oswal Securities in Mumbai.
    Independence Day, which falls on Saturday, has traditionally
seen India's prime minister deliver a speech.
    The government could "soon" announce big-ticket
infrastructure projects and policy changes, to make local
industry more competitive, the Economic Times daily reported on
    Markets have been generally upbeat around the government's
push for self-reliance that aims to boost domestic production,
Khemka added.
    The NSE Nifty 50 index  .NSEI  was up 0.17% at 11,321.94 by
0510 GMT, while the S&P BSE Sensex  .BSESN  was up 0.22% at
    Shares in oil-to-telecoms conglomerate Reliance Industries
Ltd  RELI.NS  rose as much as 1.65%.
    The Nifty Pharma index  .NIPHARM  advanced 2.81% with shares
of drugmaker Lupin Ltd  LUPN.NS  surging 9.3%. Cipla Ltd
 CIPL.NS  jumped 3.62% and was the top gainer on the Nifty 50.
    Eicher Motors Ltd  EICH.NS  fell 3.8% after reporting a loss
in the June quarter.
    Meanwhile, data on Thursday showed India's retail inflation
rose in July, remaining above the central bank's medium-term
target for a 10th straight month.  urn:newsml:reuters.com:*:nL4N2FF34H

 (Reporting by Chandini Monnappa and Sachin Ravikumar in
Bengaluru; Editing by Arun Koyyur and Amy Caren Daniel)
 ((Chandini.M@thomsonreuters.com; +918061822697;))
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