Friday Nov 15, 2024
Friday Nov 15, 2024
Wednesday, 29 April 2020 02:06 - - {{hitsCtrl.values.hits}}
Bengaluru (Reuters): Indian shares settled more than 1% higher on Tuesday, tracking global stocks higher on hopes of an easing in coronavirus-related lockdowns, while India’s move to shore up its mutual fund industry boosted financial stocks for a second session.
The NSE Nifty 50 index closed 1.06% higher at 9,380.9, while the benchmark S&P BSE Sensex gained 1.17% to end at 32,114.52 after a volatile session.
The Nifty Banking Index closed 2.94% higher and the Nifty Private Bank Index rose 3.6%. The Reserve Bank of India said on Monday it would open a special liquidity facility to help mutual funds navigate a severe cash crunch triggered by the coronavirus pandemic.
Meanwhile, Asian and European shares gained on optimism over the easing of restrictions in Italy, New Zealand and some US states, although gains were kept in check by a fresh rout in oil prices.
Shares of private-sector lender IndusInd Bank Ltd closed 14.9% higher a day after posting quarterly results, while those of Axis Bank Ltd jumped 6.6% ahead of its quarterly results.
Energy stocks recouped some losses seen earlier in the session, but closed in negative territory.
Shares of Reliance Industries Ltd fell as much as 2.63% but pared some losses to settle 0.11% lower. Early on Tuesday, the company said it will consider its first rights issue in almost 30 years when its board meets on Thursday, in another attempt to slash its debt.
“Coming with a rights issue at a time when oil prices are low, there is a possibility that the Aramco deal could be off the table, and now they are looking at other ways to raise money,” said Neeraj Dewan, director at Quantum Securities in New Delhi.
Analysts said markets await more clarity and will be closely watching any forecast that the conglomerate provides when it posts results on Thursday.
