Shopper's Stop logo

SHOPERSTOP - Shopper's Stop News Story

₹159.75 0.2  0.1%

Last Trade - 11:25am

Sector
Consumer Cyclicals
Size
Small Cap
Market Cap £143.6m
Enterprise Value £350.3m
Revenue £353.8m
Position in Universe 569th / 3000

Indian shares surge over 2% as economy set to reopen

Mon 1st June, 2020 11:00am
By Sethuraman N R
    BENGALURU, June 1 (Reuters) - Indian shares ended up over 2%
on Monday in a broad-based rally, gaining for a fourth straight
session, as optimism around imminent reopening of Asia's third
largest economy after a months-long coronavirus lockdown boosted
investor sentiment.
    The NSE Nifty 50 index  .NSEI  ended up 2.57% at 9,826.15,
while the S&P BSE Sensex  .BSESN  gained 2.71% at 33303.52. Both
indexes surged over 3% earlier in the session, with the Nifty 50
hitting its highest since March 13, after rallying nearly 6%
last week.
    Financial stocks were primary drivers. The Nifty bank index
 .NSEBANK  closed up 3.43%, while the financial index
 .NIFTYFIN  rose 3.64%. 
    "Optimism around easing of restrictions, liquidity and hopes
over measures from the government kept the markets positive,"
said A.K. Prabhakar, head of research at IDBI Capital in Mumbai.
    "Now people feel that we will go back to the old normal.
But, it is going to take some time due to the damage created (by
the pandemic)," he added.
    India permitted restaurants, malls and religious buildings
to reopen from June 8, but extended lockdowns in high-risk zones
until June 30 as a record high number of cases were detected
nationwide on Saturday.  urn:newsml:reuters.com:*:nL4N2DC051
    The reopening plan comes as data on Friday showed the
domestic economy grew at 3.1% in the January-March quarter, its
slowest pace in at least eight years.  urn:newsml:reuters.com:*:nL4N2DB2VA
    Reliance Industries Ltd  RELI.NS  rose 3.9% and HDFC Bank
Ltd  HDBK.NS  gained 3.4%, and were the top boosts to the Nifty
50 index.
    Shares of Bajaj Finance Ltd  BJFN.NS , the top gainer in the
Nifty 50 index, ended 10.46% higher.
    Real estate, hotel and retail stocks surged, with retailer
Shopper's Stop  SHOP.NS  ending up as much as 19.99%, its
biggest one-day percentage gain since September 2017. 

 (Reporting by Nallur Sethuraman in Bengaluru; Editing by
Shinjini Ganguli)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))
© Stockopedia 2020, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.