April 29, 2020 / 4:18 AM / a month ago

Indian shares follow Asian peers higher as lockdowns ease, oil rises

BENGALURU, April 29 (Reuters) - Indian shares rose on Wednesday, tracking gains in Asian markets, as several countries eased coronavirus-induced lockdowns while oil prices jumped.

The NSE Nifty 50 index was up 0.84% at 9,460.20 as of 0356 GMT, while the benchmark S&P BSE Sensex gained 0.8% to 32,371.76.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.9%.

In domestic trading, energy stocks advanced with the Nifty Energy index adding nearly 1% on the back of a jump in oil prices after U.S. stockpiles rose less than expected.

Meanwhile, Moody’s Investors Service late on Tuesday cut India’s 2020 GDP growth forecast to 0.2%.

Shares of private-sector lender Axis Bank Ltd fell as much as 6.48% after reporting a surprise $182.6 million loss for the fourth quarter due to surge in provisions. (Reporting by Chandini Monnappa in Bengaluru; Editing by Sriraj Kalluvila)

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