HDFC Bank gets new CEO, boosts shares

ByReuters | Posted by Shivani Kumar
Aug 04, 2020 11:39 AM IST

Shares of the private sector lender surged as much as 5.89% and were the top boosts on the Nifty 50 index.

Indian shares rose over 1% on Tuesday, driven by a nearly 6% jump in HDFC Bank Ltd after the central bank approved the appointment of a new chief executive officer for the country’s most valuable bank.

Sashidhar Jagdishan(Livemint)
Sashidhar Jagdishan(Livemint)

Shares of the private sector lender surged as much as 5.89% and were the top boosts on the Nifty 50 index after the Reserve Bank of India (RBI) approved Sashidhar Jagdishan’s appointment as the new chief of HDFC Bank.

Snapping four straight sessions of losses, the NSE Nifty 50 index rose 1.03% to 11,003.70 by 0500 GMT, while the S&P BSE Sensex was 1.1% higher at 37,343.76.

“Global cues are positive and RBI approval for the CEO seat at HDFC Bank is supporting domestic markets,” said Rahul Sharma, head of research, Equity99 Advisors in Mumbai.

Helping investor sentiment further was strong U.S. manufacturing data that helped lift Asian shares. MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.9%.

In Mumbai trading, the Nifty financials index rose 1.46%, with ICICI Bank Ltd and Axis Bank Ltd gaining over 1.2% each.

Automakers Hero MotoCorp Ltd and Maruti Suzuki India Ltd rose as much as 2.95% and 1.89%, respectively.

Meanwhile, India reported a jump of 52,050 coronavirus infections in the last 24 hours, with the total number of cases now at 1.86 million and the death toll at 38,939, health ministry data showed.

IT firm Infosys Ltd lost 1.48%, while larger rival Tata Consultancy Services Ltd slipped 1.16%, dragging the Nifty IT index 1.3% lower.

Reports said U.S. President Donald Trump on Monday signed an executive order preventing federal agencies from contracting or subcontracting foreign workers, mainly those on H-1B visa.

(Reporting by Chandini Monnappa in Bengaluru; Editing by Subhranshu Sahu)

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