Indian stocks climb as lockdown ends

Bloomberg

Indian stocks rose for a second day as the country entered the first phase of opening up its economy, with hotels, restaurants and shopping malls permitted to function after more than two months of lockdown.
The S&P BSE Sensex advanced 1.4% to 34,757 as of 10:57 am in Mumbai, with the NSE Nifty 50 Index also gaining by the same magnitude.
Indian equities logged their second weekly gain as global funds stepped up purchases after the government began easing curbs to revive an economy that’s set for its first full-year contraction in more than four decades. The resumption of a global rally in risk assets has seen foreigners pour more than $4 billion into local shares so far this quarter, the highest in Asia.
“Optimism has built up over the opening up of the economy and forecast of a good monsoon,” said Sudip Bandyopadhyay, who oversees investments at Inditrade Capital Ltd. in Mumbai. “The bigger reason has been the supportive global rally and foreigners buying heavily.”
The yield on the most-traded 6.45% 2029 bond was little changed at 6.02% on Monday, while the rupee traded marginally higher at 75.5425 per dollar.