Indian shares rise on recovery hopes, Nifty set for best quarter in 11 years

By Administrator_India

Capital Sands

Indian shares rose on Tuesday, with the benchmark index set for its best quarter since 2009, as upbeat U.S. and China data renewed economic recovery hopes, while investors awaited Prime Minister Narendra Modi’s speech later in the day.

The Nifty rose 0.74% to 10,389.05 by 0351 GMT, while the Sensex was up 0.6% at 35,172.71.

The Nifty is set to close the quarter around 20% stronger, its best performance since June quarter of 2009, after a liquidity-driven rally from a four year low hit in March.

Tata Steel was the top boost on Nifty, gaining as much as 4.3% in early trade.

China’s manufacturing sector grew more than expected in June, lifting Asian shares, while strong U.S. housing data boosted Wall Street.

PM Modi will address the nation at 1600 hours local time (1030 GMT) on Tuesday, a day after the government announced a new set of guidelines to further ease restrictions on the lockdown.