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Indian shares close at record high as COVID-19 cases fall, IT stocks rally

08/17/2021 | 06:37am EDT

BENGALURU, Aug 17 (Reuters) - Indian shares extended their record-high closing run to a fourth day on Tuesday as gains in IT and consumer stocks and falling domestic COVID-19 cases helped offset losses in metal and banking stocks and investor concerns around global economic growth.

The blue-chip NSE Nifty 50 index ended 0.31% higher at 16,614.6, while the benchmark S&P BSE Sensex was up 0.38% at 55,792.27.

Aiding sentiment, India recorded a sharp decline in daily new COVID-19 infections that fell to 25,166, the lowest since March 16, while it administered more than 8.8 million doses of vaccines in the past 24 hours, close to its all-time record set in June, government data showed.

The Nifty IT index ended up 2.57%, led by Tech Mahindra, Infosys, TCS and MindTree , as the sector continued to be buoyed by positive earnings announcements and its lower exposure to the effects of COVID-19.

Consumer goods majors, including Tata Consumer, Jubilant Foodworks, Nestle and Emami boosted the Nifty FMCG index, which ended up 1.4%.

The Nifty PSU Bank index slipped as much as 2.5% before closing 1.79% lower, dragged by losses in Indian Bank, Maharashtra Bank and Canara Bank among others.

Metals fell 2.30%, with Vedanta, Welspun Corp and NMDC among top losers.

Global shares stumbled on Tuesday, rattled by concerns over China's regulations for its internet sector, a worldwide spike in COVID-19 infections, and ahead of the release of U.S. retail sales data which is expected to offer further signs of slowing economic momentum.

In early European trade, the pan-European STOXX 600 shed 0.5%, its lowest level in more than a week. (Reporting by Vishwadha Chander in Bengaluru; editing by Vinay Dwivedi)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
EMAMI LIMITED 1.51% 529.1 End-of-day quote.24.64%
INFOSYS LIMITED -1.45% 1703.9 Delayed Quote.37.68%
JUBILANT FOODWORKS LIMITED -1.52% 3724.75 Delayed Quote.35.50%
MINDTREE LIMITED -1.48% 4513.9 Delayed Quote.175.94%
NESTLÉ INDIA LIMITED -1.09% 19004.15 End-of-day quote.3.33%
NMDC LIMITED -1.47% 140.45 End-of-day quote.22.77%
TATA CONSULTANCY SERVICES LTD. -1.95% 3421.65 Delayed Quote.21.90%
TATA CONSUMER PRODUCTS LIMITED 1.22% 818.75 End-of-day quote.13.79%
TECH MAHINDRA LIMITED -2.20% 1533.3 Delayed Quote.61.10%
VEDANTA LIMITED -4.60% 300.85 Delayed Quote.95.38%
WELSPUN CORP LIMITED -2.02% 130.95 End-of-day quote.-1.62%
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