Indian shares end higher after swift change of guard at central bank

Shoaib Ur Rehman December 12, 2018

Indian shares marked a one-week closing high on Wednesday, driven by financials and automakers after the government appointed a new central bank governor quickly, amid state election results raising hopes of increased rural spending.

The government moved swiftly to appoint ex-finance ministry official Shaktikanta Das as Reserve Bank of India governor on Tuesday, just a day after Urjit Patel resigned from the post, following months of clashes with the government over lending curbs and how to deploy the central bank’s surplus reserves.

Both the broader NSE index and the benchmark BSE index ended 1.79 percent firmer. The NSE bourse settled at 10,737.6, while the BSE index clocked out at 35,779.07.

Shares of Housing Development Finance Corporation Ltd rose 1.8 percent, while those of Hero MotoCorp Ltd climbed 7.2 percent to its best close in three months. The Nifty Auto Index ended 3.6 percent higher.

Bharti Airtel Ltd’s stock surged as much as 7.2 percent in the last few minutes of trade, before settling 5.3 percent higher.

Copyright Reuters, 2018
 

 

 

 

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