Markets rebound sharply as Sensex, Nifty near 4-month highs

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 Nifty rose 0.98{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58} to 10,711.05 by 9:22 am, while the Sensex was up 0.82{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58} at 36,315.69, both trading near their four-month peaks.

HDFC Bank jumped 3.4{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58}, its biggest intraday percentage rise since mid-June, after the country’s top private-sector lender reported a loan growth of 21{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58} as of June 30, compared to a year earlier.

Also Read | Asian shares surge as China blue chip stocks hit five-year peak

HDFC was the biggest boost to both indexes and helped the Nifty Bank Index rise about 2{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58}.

National Fertilizers Ltd soared 18.1{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58}, 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.

Also Read | Oil prices remain mixed as coronavirus spike casts shadow over US demand