Thursday, July 18, 2024

Indian Shares Rise Lifted by Banks After Supreme Court Verdict on Loan Moratorium

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Indian shares edged up on Tuesday, boosted by bank stocks which gained after India’s top court rejected pleas for a complete waiver of interest on loans under moratorium.

Also boosting the market, shares of Adani Ports And Special Economic Zone rose 4% after the company said it would buy 58.1% stake of Gangavaram Port for 36.04 billion rupees ($497.82 million).

The blue-chip NSE Nifty 50 index rose 0.5% to 14,805 and the benchmark S&P BSE Sensex gained 0.7% at 50,140, as of 0543 GMT.

The Nifty bank index gained 1.4% and the public sector bank index rose 2.6% after the Supreme Court of India on Tuesday rejected pleas seeking extension of loan moratorium period from business in a major relief to banks.

The Nifty bank index had fallen over 5% in the past six sessions.

“Most of the banks are already compliant with COVID-19 related provisions. Even though the Supreme Court ruling will not change much it will bring in some amount of clarity to the banking sector,” said Anita Gandhi, director at Arihant Capital Markets.

The Reserve Bank of India on Monday cancelled bond auctions scheduled for the week amid volatility in global bond yields.

The developments like the supreme court ruling and bond auction cancellation are giving some comfort for the banking sector, said Gandhi.

The U.S. 10-year Treasury yield slipped further after hitting a four-month high of 1.754% last week.

Maruti Suzuki India gained 1.5% after the car maker said on Monday it would raise prices for different models in April due to a rise in various input costs.

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