Sensex, Nifty gain as HDFC Bank earnings boost financials

Administrator_India | July 20, 2020 | 0 | ECONOMIC NEWS

By Administrator_India

Capital Sands

Indian shares rose on Monday as earnings from lender HDFC Bank lifted financial stocks, countering the impact of a surge in domestic coronavirus cases past one million.

The NSE Nifty 50 index rose 0.6% to 10,969.9 by 0347 GMT and the S&P BSE Sensex was up 0.68% at 37,279.78.

India’s biggest private-sector lender, HDFC Bank on Saturday reported a 20% rise in first-quarter profit, sending its shares up as much as 3.33% in early trade.

The Nifty banking index gained 1.6% and the Nifty financials index about 1.7% after the results.

HDFC Bank’s parent and large shadow lender HDFC Ltd, rose 1.6%.

Sun Pharma was the biggest laggard for the day on the Nifty index, shedding 1.4%.

India’s coronavirus cases touched 1.1 million by Monday morning, a rise of 40,425 cases over the previous day, according to government data, as concerns mount about its impact on Asia’s third-largest economy.

Epidemiologists have said the country is still likely months away from hitting its peak.

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