India stocks rose after the central bank unveiled measures to further support the economy as coronavirus cases continue to surge.
The S&P BSE Sensex gained 0.9% to 48,677.55, while the NSE Nifty 50 Index advanced by the same magnitude. The broader market too did well as the breadth remained in favour of the bulls. Around 1,842 stocks advanced, 1,097 declined while 173 remained unchanged on the BSE Ltd.
A gauge of healthcare stocks climbed 3% to 24,043, a record close, while the S&P BSE Bankex snapped three-day losses to add 1.9%. The benchmark 10-year yield was down 3 basis points to 5.97% as Das announced a second tranche of bond purchases for May 20. The rupee was largely steady at 73.91 to a dollar.
The benchmark Sensex had declined for the previous three sessions as coronavirus cases climb to new records. The Covid-19 wave will probably worsen before it starts to taper off sometime later this month, forecasters warn.