MUMBAI: Indian shares rose on Monday to their highest in more than two weeks, with technology and metal stocks leading the gains as easing oil prices tempered inflation fears.
The NSE Nifty 50 index rose 1.2 percent to 15,887.15, as of 0500 GMT, and the S&P BSE Sensex climbed 1.16 percent to 53,340.36, leaving it on track for a third straight session of gains.
Welspun Corp. jumped 4.8 percent after the steel products maker said it got orders worth 6 billion rupees ($76 million).
Gaming platform Nazara Technologies surged 7.1 percent to its highest in nearly seven weeks after it said it would buy a stake in sports media company Absolute Sports.
Indian economy to touch $30 trillion in next 30 years
Piyush Goyal, the Central Minister for Commerce and Industry said that the Indian economy will touch $30 trillion in the next 30 years.
According to the minister, if India grows at 8 percent every year on a compounded annual growth basis, the economy will double in about nine years, Financial Express reported.
The minister also predicted that the country’s economy will reach $6.5 trillion from $3.2 trillion today in the next nine years.
“Eighteen years from now, we will be about $13 trillion economy. And then another nine years after that, that is 27 years from now, we will be a $26 trillion economy… Then obviously, 30 years from today, confidently we can all expect that the Indian economy will be a $30 trillion economy,” said the minister.
(With inputs from Reuters)