Indian equity benchmarks rose as the slowing pace of new coronavirus cases supported the assumption of a gradual resumption of business activities that have been curtailed by localised lockdowns.
The S&P BSE Sensex gained 0.22% to 50,651.90. The NSE Nifty 50 Index advanced 0.15% to 15,197.50. Eleven out of the 19 sector sub-indexes compiled by BSE Ltd. climbed, led by a gauge of power companies.
The nation added 222,315 new coronavirus case in the last 24 hours, compared with more than 400,000 fresh daily infections at the beginning of the month.
“Investors will continue to focus on the trajectory of daily caseloads and the vaccination ramp up in the country in the near term,” said Binod Modi, head of strategy at Mumbai-based Reliance Securities Ltd.. “Possible withdrawal of restrictions in a phased manner by states from next week should boost confidence.”
In earnings so far, 22 of the 37 Nifty 50 companies that have posted quarterly results have missed analysts’ estimates, while 14 have beaten or met, according to data compiled by Bloomberg. Grasim Industries Ltd., due to report later today, fell as much as 1%.