Sensex, Nifty gain on boost from financials, ITC

Sensex, Nifty gain on boost from financials, ITC

By Administrator_India

Capital Sands

Indian shares gained ground on Friday as financial stocks rose on the back of strong results from Indian Overseas Bank, with ITC adding to gains ahead of its fourth-quarter earnings.

The Nifty rose 0.72% to 10,358.15 and the Sensex was up 0.71% at 35,089.62 as of 0349 GMT.

Shares of Indian Overseas Bank Ltd surged 8% after the lender on Thursday reported a profit in the March quarter, compared with a loss a year earlier.

Shares of consumer goods giant ITC Ltd were up 2%.

Investors are also keeping a close watch on border tensions between India and China as well as rising coronavirus cases.

India on Thursday accused China of deploying large numbers of troops and weapons along a disputed Himalayan border in violation of bilateral agreements.

Also, data showed on Thursday that India’s total coronavirus cases rose to nearly half a million with nearly 15,000 deaths.

Meanwhile, Asian shares are set to end a choppy week more or less where they began as surging coronavirus infections cast a shadow over encouraging economic data.

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