Sensex, Nifty near four-month highs as HDFC Bank jumps
Indian shares rose for a fourth straight session on Monday, as HDFC Bank Ltd gained after reporting strong loan growth and hopes of a recovery in the global economy pushed stock markets across Asia higher.
The Nifty rose 0.98% to 10,711.05, while the Sensex was up 0.82% at 36,315.69, both trading near their four-month peaks.
HDFC Bank jumped 3.4%, its biggest intraday percentage rise since mid-June, after the country’s top private-sector lender reported a loan growth of 21% as of June 30, compared to a year earlier.
HDFC was the biggest boost to both indexes and helped the Nifty Bank Index rise about 2%.
National Fertilizers Ltd soared 18.1%, marking its sharpest intraday jump in more than five years, and hit a one-year high after reporting a jump in June-quarter sales.
Asian shares climbed as investors counted on super-cheap liquidity and fiscal stimulus to sustain the global economic recovery.