Indian shares end higher for fifth day, lenders soar

Bengaluru - The indexes have gained around 5 per cent over the last five sessions.

Indian shares closed higher for a fifth straight session on Tuesday, as gains in IT and beaten down financial companies helped Mumbai's main indexes outperform other stock markets after a week-long rally.
The NSE Nifty 50 index ended up 0.33 per cent at 10,799.65, while the benchmark S&P BSE Sensex rose 0.51 per cent to 36,674.52, both closing at four-month peaks.
Including Tuesday's close, the indexes have gained around 5 per cent over the last five sessions, and more than 40 per cent from four-year lows hit in March when virus fears had pummelled markets.
Meanwhile, a five-day rally in world stocks fizzled on Tuesday as caution reigned about renewed coronavirus lockdowns, although Chinese stocks continued to surge.
Heavyweight shadow lender Bajaj Finance Ltd was the top gainer on the Nifty, jumping 7.8 per cent to its best close since mid-March, after it said assets under a moratorium offered by the central bank had fallen at June-end.
Private-sector lender IndusInd Bank Ltd climbed 6.1 per cent, while larger rival ICICI Bank Ltd advanced 3.9 per cent, pushing the Nifty Bank Index 1.9per cent higher.
IT firm Infosys Ltd rose 4 per cent to its highest since Feb.25, while the Nifty IT index climbed 2.1 per cent.
However, gains were kept in check as coronavirus cases in the world's second-most populous country jumped to 719,665, including 20,160 deaths. India on Monday overtook Russia to become the third-most affected country by the novel coronavirus.
Adani Ports and Special Economic Zone Ltd slid 3.8 per cent, electricity generator NTPC Ltd shed 2.8 per cent and consumer goods giant ITC Ltd slipped 2.8 per cent.
Heavyweight conglomerate Reliance Industries Ltd dropped 1.5 per cent, dragging the Nifty Energy Index 2 per cent lower.
Meanwhile the Indian rupee extended the losses and settled 25 paise lower at 74.93 (provisional) against the US dollar on Tuesday to quote at Dh20.41.The rupee opened weak at 74.74 at the interbank forex market, then lost further ground to settle at 74.93 against the US dollar, 25 paise lower than its previous close. It had closed at 74.68 against the US dollar on Monday. - Reuters, business@khaleejtimes.com