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Indian shares near 4-month highs as HDFC Bank jumps

Chris Thomas /Bengaluru
Filed on July 6, 2020
HDFC Bank jumped 3.4 per cent, its biggest intraday percentage rise since mid-June. - Reuters

The NSE Nifty 50 index rose 0.98 per cent to 10,711.05 by 0352 GMT, while the benchmark S&P BSE Sensex was up 0.82 per cent at 36,315.69, both trading near their four-month peaks.

Indian shares rose for a fourth straight session on Monday, as HDFC Bank Ltd gained after reporting strong loan growth and hopes of a recovery in the global economy pushed stock markets across Asia higher.

The NSE Nifty 50 index rose 0.98 per cent to 10,711.05 by 0352 GMT, while the benchmark S&P BSE Sensex was up 0.82 per cent at 36,315.69, both trading near their four-month peaks.

HDFC Bank jumped 3.4 per cent, its biggest intraday percentage rise since mid-June, after the country's top private-sector lender reported a loan growth of 21 per cent as of June 30, compared to a year earlier.

HDFC was the biggest boost to both indexes and helped the Nifty Bank Index rise about 2 per cent.

National Fertilizers Ltd soared 18.1per cent, marking its sharpest intraday jump in more than five years, and hit a one-year high after reporting a jump in June-quarter sales.

Asian shares climbed as investors counted on super-cheap liquidity and fiscal stimulus to sustain the global economic recovery.

Indian rupee gained in the early trade on Monday. It opened higher by 14 paise at 74.50 per US dollar to quote at Dh20.29 against previous close of 74.64, amid buying seen in the domestic equity market. On Friday rupee ended 37 paise higher at 74.64 per dollar. - Reuters, business@khaleejtimes.com


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