April 23, 2020 / 10:27 AM / a month ago

Indian stocks climb on stimulus hopes, surge in banks and IT firms

BENGALURU, April 23 (Reuters) - Indian shares marked a six-week closing high on Thursday, boosted by gains in heavyweight banking and IT stocks on expectations of a fresh stimulus package from the government to soften the damage from the coronavirus pandemic.

The NSE Nifty 50 index closed 1.38% higher at 9,313.90 and the benchmark S&P BSE Sensex was up 1.54% at 31,863.08.

Kotak Mahindra Bank Ltd closed up 8.5%, recording its best day since March 25. The private-sector lender ended higher for a second straight session after it approved a capital raising plan on Wednesday. Larger rivals HDFC Bank Ltd and ICICI Bank Ltd climbed between 2.8% and 5%.

IT giants Tata Consultancy Services Ltd and Infosys Ltd jumped about 6% each.

For the mid-day report, click (Reporting by Chris Thomas in Bengaluru; Editing by Shinjini Ganguli)

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