Wednesday, March 3

HDFC Bank boost, US stimulus hopes boosts Indian markets

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Indian shares rose on Monday, led by gains in HDFC Bank after the lender posted a rise in quarterly profit while market sentiment was also boosted by hopes of a U.S fiscal package and expectations of a COVID-19 vaccine by the end of this year.

The NSE Nifty 50 index was up 0.76% at 11,852.05 by 0346 GMT, while the S&P BSE Sensex was 0.80% higher at 40,304.70.

Asian stocks rose after drugmaker Pfizer Inc said it could have a coronavirus vaccine ready in the United States by the end of this year and US House Speaker Nancy Pelosi said she was optimistic legislation on a coronavirus relief package could be pushed through before the presidential election.

In Mumbai trading, the Nifty Bank index rose 1.6%, with shares of HDFC Bank adding nearly 3% after posting an 18.4% rise in quarterly profit.