News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Energy, bank stocks propel Indian shares amid COVID-19 surge

01/04/2022 | 05:59am EDT
Bombay Stock Exchange (BSE) in Mumbai

BENGALURU (Reuters) - Indian shares ended Tuesday higher, fuelled by gains in energy and bank stocks, even as a sharp spike in domestic coronavirus cases forced the country's capital to impose weekend curfews.

At the closing bell, the NSE Nifty 50 index was up 1.02% at 17,805.25, while the benchmark S&P BSE Sensex ended 1.14% higher at 59,855.93. Both indexes notched their third consecutive session of gains.

Authorities in Delhi on Tuesday ordered people to stay home over coming weekends as COVID-19 cases quadrupled in a week, while India reported 37,379 new infections in the last 24 hours, the highest since early September.

Experts suspect the highly transmissible Omicron variant has begun to overtake the Delta variant, but analysts say investor sentiment remains intact as reports suggest it might not derail economic recovery.

Lifting the blue-chip indexes in Mumbai were shares of oil-to-telecoms heavyweight Reliance Industries that climbed 2.4%. Reliance's telecom arm is reportedly planning its largest ever rupee bond sale for up to 50 billion rupees ($670.83 million) worth of notes.

That also helped the Nifty energy index close 2.28% higher, its best day in over a month. State-owned Oil and Natural Gas Corp added 3.3% after it named a new top boss.

The Nifty Bank index extended its rally with gains of 1.15%. Government-owned State Bank of India rose 2.7%, while private lenders Axis Bank and Kotak Mahindra Bank were up 1.8% and 1.5%, respectively.

Yes Bank closed 3.2% higher after reporting a growth in net advances and deposits for the December quarter.

On the downside, Vedanta's shares slumped as much as 6.7% after the mining conglomerate reported third-quarter production numbers. Vedanta was the top loser on the Nifty metal index, which lost 0.38%.

(Reporting by Shivani Singh in Bengaluru; editing by Uttaresh.V and Ramakrishnan M.)

© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AXIS BANK LIMITED 3.55% 673.2 End-of-day quote.-0.79%
BANK OF INDIA LIMITED 3.33% 45 End-of-day quote.-12.37%
NIFTY 50 -0.32% 16214.7 Delayed Quote.-6.27%
NIFTY BANK 2.88% 34247.6 Delayed Quote.-3.40%
S&P GSCI NATURAL GAS INDEX -1.57% 376.908 Real-time Quote.119.25%
SENSEX 30 -0.07% 54288.61 Real-time Quote.-6.74%
Latest news "Economy & Forex"
07:33aUBS CEO says clients on sidelines amid market volatility
07:32aUK PM met civil servant to discuss timing of 'partygate' report publication - spokesman
07:25aScotland confirms first case of monkeypox
07:24aBiohaven's drug for genetic neurological disease fails late-stage study
07:24aChina to take targeted, forceful steps to support economy, cabinet says
07:23aLegendary lithium riches from Bolivia's salt flats may still just be a mirage
07:23aNigeria Q1 GDP growth slows Q/Q, oil production weighs
07:19aSolomon Islands says China's foreign minister to arrive this week to sign pacts
07:19aDoes the Commonwealth have a future after Queen Elizabeth?
07:18aTesla plans to return to pre-lockdown output at shanghai plant b…
Latest news "Economy & Forex"