HDFC Bank, US stimulus hopes boosts Indian markets
The NSE Nifty 50 index was up 0.76% at 11,852.05 by 0346 GMT, while the S&P BSE Sensex was 0.80% higher at 40,304.70.Updated: Oct 19, 2020, 11:46 IST
Indian shares rose on Monday, led by gains in HDFC Bank after the lender posted a rise in quarterly profit while market sentiment was also boosted by hopes of a U.S fiscal package and expectations of a COVID-19 vaccine by the end of this year.
The NSE Nifty 50 index was up 0.76% at 11,852.05 by 0346 GMT, while the S&P BSE Sensex was 0.80% higher at 40,304.70.
Asian stocks rose after drugmaker Pfizer Inc said it could have a coronavirus vaccine ready in the United States by the end of this year and US House Speaker Nancy Pelosi said she was optimistic legislation on a coronavirus relief package could be pushed through before the presidential election.
In Mumbai trading, the Nifty Bank index rose 1.6%, with shares of HDFC Bank adding nearly 3% after posting an 18.4% rise in quarterly profit.