Published on 3/06/2020 9:51:30 AM | Source: Reuter

Indian shares hold on to gains, Nifty tops 10,000

Posted in Stock Market| #Sensex #Stock Market #NSE #BSE #Nifty

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 Indian shares on Wednesday added gains for a sixth straight session and crossed the 10,000 mark for the first time since March, as Asia's third-largest economy gradually comes out of the coronavirus lockdowns and risk appetite picks up in global markets.

The NSE Nifty 50 bluechip index  rose 1.72% to 10,150.90 as of 0352 GMT, while the S&P BSE Sensex was up 1.68% at 34,392.18.

The Nifty 50 that crossed the 10,000 mark for the first time since March 13 was up 5.9% so far this week, after a similar rally last week.

The Nifty bank index <.NSEBANK> rose 2.9%, while the financial index <.NIFTYFIN> gained 2.7%.

Asian stocks were poised to follow the global rally on Wednesday as hopes of more government stimulus bolstered riskier assets.

Shares of Britannia Industries rose as much as 7.5% to hit a record high after the biscuits maker reported a surge in March quarter profit on Tuesday, beating estimates.

Shares of Interglobe Aviation Ltd , which runs India's largest airline IndiGo, were up 4%, a day after the company said it planned to cut costs, phase out older planes to tackle coronavirus after posting a 8.73 billion rupees loss in March quarter.

(Reporting by Nallur Sethuraman in Bengaluru; Editing by Vinay Dwivedi)