MUMBAI: Indian shares gained 1 percent early on Tuesday, mirroring the global equities rally, but State Bank of India fell as much as 1.4 percent after the country's top lender posted its second straight drop in quarterly profit.
State Bank said on Saturday it expected a stronger second quarter after provisions for sour loans coupled with treasury losses led to a 46 percent drop in net profit for its fiscal first quarter ended June.
Shares in Reliance Communications was up 0.8 percent at 85 rupees. The No. 2 mobile operator reported a sharper-than-forecast 37 percent fall in quarterly profit on Saturday, but rise in call prices was positive for the firm.
At 9:18 a.m. (0348 GMT), the 30-share BSE index was up 1.03 percent at 17,012.48 points, with all but two of its components rising.
The 50-share NSE index was up nearly 1 percent at 5,121.20 points.
Indian markets were closed on Monday for a national holiday.
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