Indian shares extend gains as banks, IT stocks rise

  • Reuters
  • Stock Market News
Indian shares extend gains as banks, IT stocks rise
Credit: © Reuters.

BENGALURU, March 2 (Reuters) - Gains in financial and IT stocks helped Indian shares rise for a second straight session on Tuesday, with the Sensex crossing the 50,000 marks again as some semblance of calm returned to global bond markets after last week's turmoil.

The NSE Nifty 50 index .NSEI rose 1.07% to 14,919.85 by 0441 GMT and the S&P BSE Sensex .BSESN firmed 1.08% to 50,390.60, having risen above the 50,000 mark 16 times in February.

Both the indexes advanced 1.5% on Monday as a halt in the recent bond markets sell-off buoyed riskier assets, while an expansion of a vaccination drive at home and upbeat domestic economic growth also supported sentiment.

Broader Asian shares also extended gains on Tuesday, with MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rising 0.97%. MKTS/GLOB

"In the brief fight between equity bulls and bond bears, it appears that equity bulls have won," said V.K. Vijaykumar, chief investment strategist at Geojit Financial Services.

In domestic trading, IT firm Infosys INFY.NS rose 2.2% and was among the top boosts to the Nifty. The broader Nifty IT index .NIFTYIT gained 2%.

Lender HDFC Bank HDBK.NS firmed 1.2%, while Nifty's private bank .NIFPVTBNK and PSU bank indices .NIFTYPSU rose more than 1% each.

State-run refiner BPCL.NS advanced 5.96% and was the top gainer on the Nifty after it approved a stake sale in the Numaligarh Refinery for $1.35 billion. Smallcap100 .NIFSMCP100 and Midcap 50 indices .NIMDCP50 , both of which have outperformed the benchmark this year with a gain of more than 17% each, added over 1%.

Meanwhile, newspapers cited the Finance minister Nirmala Sitharaman as saying that the unexpected technical glitch that halted trading at the National Stock Exchange last Wednesday had cost the government "immensely."

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