Indian shares record gains due to financial rise
- 12 Mar 2021
Gulf Today Report
Indian shares climbed on Friday as financial stocks recorded gains and the country’s central bank removed certain restrictions on lenders, making IDBI bank surge.
By 05:05 GMT, the blue-chip NSE Nifty 50 index was up 0.72% at 15,283.80, while the benchmark S&P BSE Sensex rose 0.73% to 51,653.28.
Gaurav Garg, head of research at CapitalVia Global Research in Indore said, "the good story for the Indian markets for the last few days has been that domestic institutional investors (DIIs) have also been net buyers ... which is supporting the market.”
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India's central bank on Wednesday said it would take the state-run lender out of its corrective action list. The bank was placed on the list in 2017 for being saddled with bad loans and for posting negative return on assets.
Investors are keeping an eye on retail inflation data for February due later in the day.
