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Indian Shares Rise 1.6% with Signs of Economic Recovery
Indian shares rose 1.6 percent on Monday, July 20 as reports of positive corporate earnings "from across the world" convinced many that the global economy is actually recovering.
Several factors, including strong global and local liquidity, a recovery in earnings growth and strong corporate balance sheets, will spur the market over the next 12 months, Morgan Stanley analyst Ridham Desai said. He added, "Indian equities are in a sweet spot. We would continue to buy the dips in the market". A few of the biggest companies in India, Reliance Industries, Tata Consultancy Services Ltd and Infosys Technologies rose, gained 3.1 percent, 11.9 percent and 4.5 percent, respectively. Signs of economic recovery are whetting investor's appetite for riskier assets, with "record low global interest rates and trillions of dollars of stimulus spending helping the world recover" from the deep recession.read source article