Markets

Indian shares gain as financials boost counters energy weakness

  • The Nifty energy index fell 0.34% after advancing 1.14% in the previous session.
Published March 9, 2021

BENGALURU: Indian shares opened higher on Tuesday as high-flying financial stocks advanced, although gains were capped by weakness in the energy sector after a report that oil companies have been told by the government to not revise fuel prices for now.

Gasoline and gasoil prices in India have risen to record highs in India of late, mirroring global markets. The central government has informally conveyed to India's three major oil-marketing companies to not revise fuel prices ahead of polling in some states, the Business Standard newspaper reported.

The blue-chip NSE Nifty 50 index rose 1.02% to 15,109.80 and the benchmark S&P BSE Sensex firmed 1.03% to 50,960 by 0357 GMT.

The Nifty Bank Index, which rose 13.87% last month, gained 1.49%. HDFC Bank Ltd rose 2.4% and was the top boost to the Nifty 50.

The Nifty energy index fell 0.34% after advancing 1.14% in the previous session.

Broader Asian markets fell on fears of rising bond yields, stretched company valuations and inflation fears, after a mixed session overnight on Wall Street.

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