Indian shares are on the rise due to increased interest in SBI and consumer stocks | So Good News

Bengaluru: Indian shares traded higher on Monday, led by big gains in heavyweight State Bank of India and consumer stocks on strong earnings results.

The NSE Nifty 50 index rose 0.57% to 18,219.80 as of 0351 GMT, while the S&P BSE Sensex was 0.50% higher at 61,255.21.

Benchmark indexes added nearly 2% last week for their third straight weekly gain.

In the early industrial session on Monday, the Nifty indices of banks, autos, and banking were among the top performers, rising between 1% and 5.6%.

Britannia Industries Ltd and State Bank of India were the biggest gainers on the Nifty 50, advancing 8% and 4.6%, respectively, after the companies reported higher quarterly profits.

State-run Coal India Ltd and digital payments firm Paytm were up more than 1% each, ahead of their annual results.

In addition to sentiment, provisional data from the National Stock Exchange showed that foreign investors bought 14.36 billion Indian rupees ($175.20 million) on Friday, while domestic investors sold 5.49 billion shares.

($1 = 81.9620 Indian rupees) – Reuters

(Reporting by Rama Venkat in Bengaluru; Editing by Janane Venkatraman)

Disclaimer: This report has been compiled automatically from Reuters. ThePrint is not responsible for its content.

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