BENGALURU: Indian shares rose on Monday, boosted by state-owned banking stocks on hopes that the government may infuse some capital into the sector as early as the coming quarter, with gains in Asian markets aiding sentiment.
The broader NSE Nifty 50 index rose 0.5% to 11,105 and the S&P BSE Sensex climbed 0.6% to 37,610.34 by 0346 GMT. Both the indexes fell nearly 4% last week, marking their worst week since early-May.
The public sector bank index gained 1% after a report https://bit.ly/30fQcb0 said that the finance ministry may provide capital support to some public sector banks in the third quarter.
Shares of Lakshmi Vilas Bank Ltd fell 4.7% after the lender’s shareholders on Friday rejected https://bit.ly/336xGDN the reappointment of seven directors, including the managing director and chief executive, and India’s central bank appointed https://bit.ly/3cBw3B8 a committee to run the bank. (https://bit.ly/336xGDN) (https://bit.ly/3cBw3B8)
Meanwhile, MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.5%.
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