Indian shares rise 1% boosted by banks

  • Reuters
  • Stock Market News
Indian shares rise 1% boosted by banks
Credit: © Reuters.

BENGALURU, March 30 (Reuters) - Indian shares rose on Tuesday, as gains in State Bank of India (NS: SBI ) and Canara Bank (NS: CNBK ) lifted banks, after a steel conglomerate completed an insolvency process, allowing lenders to recover some of their bad loans.

Volumes are expected to be lighter in a holiday-shortened week, with the Indian exchanges being closed on Monday and the coming Friday.

The blue-chip NSE Nifty 50 index .NSEI rose 1.2% to 14,684 and the benchmark S&P BSE Sensex .BSESN gained 1% at 49,487, as of 0409 GMT.

JSW Steel JSTL.NS said on Friday it completed the resolution plan for Bhushan Steel (NS: TATS ) and Power, including a payment of 193.50 billion rupees ($2.66 billion) to financial creditors. Nifty bank index .NSEBANK and the public sector bank index .NIFTYPSU rose 1% each.

Shares of Indian mobile gaming platform Nazara Technologies Ltd NAZA.NS were set to debut in the Mumbai market on Tuesday after strong subscription to its initial public offering. ($1 = 72.8000 Indian rupees)

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