Indian shares hit all-time highs on Wednesday, helped by financials and automaker stocks, and after data showed the economy grew more than 20% in the June-quarter.

The blue-chip NSE Nifty 50 index was up 0.22% at 17,170.25 by 9:17 am and the benchmark S&P BSE Sensex rose 0.24% to 57,687.67. Both the indexes had touched record highs in the last two sessions.

India’s economy rebounded in the April-June quarter even as a devastating second wave of COVID-19 swept the country, with growth driven by a surge in manufacturing and higher consumer spending.

Explained: Is India’s economy gaining immunity against Covid-19?

The data was in line with a Reuters poll forecast of 20.0%, compared with a record contraction of 24.4% in the same quarter a year earlier.

Axis Bank Ltd and Bajaj Auto Ltd were among the top performers on the Nifty 50.

In the broader market, Asian shares gave up some of their recent gains in cautious trading on worries about slowing global growth in several economies.

Leave a Reply

Your email address will not be published. Required fields are marked *