AGL 39.58 Decreased By ▼ -0.42 (-1.05%)
AIRLINK 131.22 Increased By ▲ 2.16 (1.67%)
BOP 6.81 Increased By ▲ 0.06 (0.89%)
CNERGY 4.71 Increased By ▲ 0.22 (4.9%)
DCL 8.44 Decreased By ▼ -0.11 (-1.29%)
DFML 41.47 Increased By ▲ 0.65 (1.59%)
DGKC 82.09 Increased By ▲ 1.13 (1.4%)
FCCL 33.10 Increased By ▲ 0.33 (1.01%)
FFBL 72.87 Decreased By ▼ -1.56 (-2.1%)
FFL 12.26 Increased By ▲ 0.52 (4.43%)
HUBC 110.74 Increased By ▲ 1.16 (1.06%)
HUMNL 14.51 Increased By ▲ 0.76 (5.53%)
KEL 5.19 Decreased By ▼ -0.12 (-2.26%)
KOSM 7.61 Decreased By ▼ -0.11 (-1.42%)
MLCF 38.90 Increased By ▲ 0.30 (0.78%)
NBP 64.01 Increased By ▲ 0.50 (0.79%)
OGDC 192.82 Decreased By ▼ -1.87 (-0.96%)
PAEL 25.68 Decreased By ▼ -0.03 (-0.12%)
PIBTL 7.34 Decreased By ▼ -0.05 (-0.68%)
PPL 154.07 Decreased By ▼ -1.38 (-0.89%)
PRL 25.83 Increased By ▲ 0.04 (0.16%)
PTC 17.81 Increased By ▲ 0.31 (1.77%)
SEARL 82.30 Increased By ▲ 3.65 (4.64%)
TELE 7.76 Decreased By ▼ -0.10 (-1.27%)
TOMCL 33.46 Decreased By ▼ -0.27 (-0.8%)
TPLP 8.49 Increased By ▲ 0.09 (1.07%)
TREET 16.62 Increased By ▲ 0.35 (2.15%)
TRG 57.40 Decreased By ▼ -0.82 (-1.41%)
UNITY 27.51 Increased By ▲ 0.02 (0.07%)
WTL 1.37 Decreased By ▼ -0.02 (-1.44%)
BR100 10,504 Increased By 59.3 (0.57%)
BR30 31,226 Increased By 36.9 (0.12%)
KSE100 98,080 Increased By 281.6 (0.29%)
KSE30 30,559 Increased By 78 (0.26%)
Markets

Indian shares extend rally as beaten-down banking stocks gain

  • Metal and energy stocks lost ground, with the Nifty Energy index and the Nifty Metal index slipping about 1% each.
Published December 29, 2020

BENGALURU: Indian shares extended a foreign inflows-powered rally on Tuesday, with beaten-down banking stocks gaining the most on the back of an improving economic outlook, although a fall in Reliance Industries capped gains.

Banking, which is among the few sectors still down this year, has been catching up with the broader market's advance as foreign investors bet that a rebound in economic activity will benefit lenders.

The Nifty Bank index rose 1.23%, with HDFC Bank Ltd, the nation's largest private-sector lender, gaining 1.3%. The stock was on track to finish higher for a fifth straight session.

"Large private-sector lenders have been proving themselves time and again with good asset quality and decent growth," said Neeraj Dewan, director at New Delhi-based Quantum Securities.

"When foreign institutional investors come to buy, these lenders are normally on top of their list," he said.

India's NSE Nifty 50 index was up 0.07% at 13,884.70 by 0530 GMT, while the S&P BSE Sensex was 0.12% higher at 47,403.81.

Both indexes hit record intraday highs before pulling back by midday trade as Reliance Industries Ltd, India's most valuable company, ended a three-session rally, falling 0.8%.

Metal and energy stocks lost ground, with the Nifty Energy index and the Nifty Metal index slipping about 1% each.

Hopes that a US pandemic relief package would be expanded were aiding investor sentiment globally, boosting broader Asian shares.

Separately, India reported six cases of the new, more infectious variant of the coronavirus, all from people who had returned from Britain. However, the daily rise in overall infections in India has been slowing.

Comments

Comments are closed.