BENGALURU - India’s benchmark index scaled the 50,000-mark again on Tuesday, as finance and infra stocks gained after investors cheered the government’s move to step up spending and propel a recovery in the pandemic-hit economy.
“It is a reaction to the budget as well as short-covering. This will be there for a few days and we should be cautious at the current level” said AK Prabhakar, head of research at IDBI Capital in Mumbai. Among individual shares and sectors, the Nifty Bank Index rose as much as 4.7% to a record high, helped by a 6.9% jump in top private-sector lender HDFC Bank.
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