Sensex, Nifty gain as HDFC Bank earnings boost financials

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{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58} to 10,969.9 by 0347 GMT and the S&P BSE Sensex was up 0.68{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58} at 37,279.78.

India’s biggest private-sector lender, HDFC Bank on Saturday reported a 20{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58} rise in first-quarter profit, sending its shares up as much as 3.33{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58} in early trade.

Also Read | Sensex, Nifty end higher as hopes of strong quarterly earnings trump coronavirus fears

The Nifty banking index gained 1.6{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58} and the Nifty financials index about 1.7{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58} after the results.

HDFC Bank’s parent and large shadow lender HDFC Ltd, rose 1.6{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58}.

Sun Pharma was the biggest laggard for the day on the Nifty index, shedding 1.4{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58}.

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 https://www.mohfw.gov.in, 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.

Also Read | Sensex, Nifty rise as investors bet on strong earnings