Indian shares close at record highs, rise for sixth straight day
Photo Credit: Reuters

Indian shares rose for a sixth straight session to close at record highs on Monday, as continuing optimism from last week's federal budget and strong corporate earnings drove broad-based gains.

A growth-focused and high-spending federal budget, unveiled last Monday, has powered India's stock market to multiple all-time highs. A COVID-19 vaccination drive that is underway and an upbeat outlook from companies is also aiding sentiment.

The NSE Nifty 50 index ended 1.28% higher at 15,115.80, while the S&P BSE Sensex closed up 1.22% at 51,348.77.

Thirteen of the 14 sectoral indexes closed higher. IT giant Infosys, ICICI Bank and conglomerate Reliance Industries provided the biggest boosts to the Nifty 50.

A recent flood of foreign inflows has also benefited Indian markets, with reports saying that foreign portfolio investors invested a net $1.5 billion into Indian equities during the first week of February.

Among individual stocks, State Bank of India gained for a sixth straight session following well-received quarterly results.

Punjab National Bank slid 5.1% after reporting a fall in profit from a quarter earlier.

Automotive bearing maker SKF India jumped 20% after results showed its profit more than doubled.

Meanwhile, world shares hit a record high amid hopes that a $1.9 trillion COVID-19 aid package will be passed by U.S. lawmakers as soon as this month.

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