Domestic stock markets started the week on a strong note tracking gains across Asian equities, ahead of the release of official data on India’s gross domestic product (GDP). The S&P BSE Sensex index opened 420.84 points – or 1.07 per cent – higher at 39,888.15, and the broader NSE Nifty 50 benchmark started the day near the 11,750 mark, amid a strong buying interest across sectors.
Shares in other Asian markets rose to a 29-month peak on Monday, amid hopes of a recovery from the damage caused by the coronavirus pandemic amid stimulatory monetary and fiscal policies around the globe after an upbeat reading on China’s service sector.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.5 per cent to reach its highest since March 2018. Chinese blue chips firmed 0.7 per cent to reach levels not seen since mid-2015.
Surveys showed Chinese manufacturing activity edged back a tick to 51.0 in July, but services jumping a full point to 55.2 in a hopeful sign of reviving consumer demand.
