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Market Update: India Stocks Trade at Over 2-1/2-Month High
The BSE SENSEX added 210 points or 0.4% to an over 2-1/2 high of 50,749 in early trade on Monday, after reports that India’s daily COVID-19 cases stayed below the 300,000 marks for more than a week, well below a record of over 414,000 earlier this month. Meantime, India’s information technology ministry has written to all social media companies asking them to take down any content that refers to an “Indian variant” of the coronavirus, according to Reuters. Risk appetite was also supported by strong US PMI readings for May where both the services sector and factory activity grew at record paces. Traders now anticipate the release of US consumer prices later in the week, along with the 2nd estimate Q1 US GDP. State Bank of India jumped 3.2%, rallying for the second straight session after reporting a strong performance on the asset quality front. Natco Pharma Ltd surged 10.4% and hit its intraday new high after receiving approval from the US health regulator for a cancer drug. [/s2If]
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