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Markets

Indian shares recover on boost from banks, steelmakers

BENGALURU: Indian shares ended higher on Wednesday, as gains in banking and steelmaker shares helped markets recover fro

September 04, 2019

BENGALURU: Indian shares ended higher on Wednesday, as gains in banking and steelmaker shares helped markets recover from earlier losses, with sentiment lifted by easing political tensions in Hong Kong and Europe.

The broader NSE index ended up 0.43% at 10,844.65, while the benchmark BSE index closed 0.44% higher at 36,724.74. The rupee strengthened about 0.5% against the dollar by 1012 GMT, trading at 72.05 versus the previous close of 72.40.

In broader Asia, Hong Kong's main share index surged more than 4% after a report that the controversial extradition bill that has plunged the Chinese-ruled city into its worst political crisis in decades would be withdrawn. Hong Kong leader Carrie Lam later made a formal announcement.

European stocks were also buoyed as political developments in Italy and Britain eased investor nerves.

Back home, top lenders HDFC Bank Ltd and State Bank of India climbed 1.7% and 2.5%, respectively. The Nifty Bank index rose 1.1%.

Tata Steel Ltd and JSW Steel Ltd both advanced over 2%, while drugmaker Dr. Reddy's Laboratories Ltd topped gains with a 2.8% jump.

Copyright Reuters, 2019