July 6, 2020 / 4:09 AM / a month ago

Indian shares near 4-month highs as HDFC Bank jumps

BENGALURU, July 6 (Reuters) - Indian shares rose for a fourth straight session on Monday, as HDFC Bank Ltd gained after reporting strong loan growth and hopes of a recovery in the global economy pushed stock markets across Asia higher.

The NSE Nifty 50 index rose 0.98% to 10,711.05 by 0352 GMT, while the benchmark S&P BSE Sensex was up 0.82% at 36,315.69, both trading near their four-month peaks.

HDFC Bank jumped 3.4%, its biggest intraday percentage rise since mid-June, after the country’s top private-sector lender reported a loan growth of 21% as of June 30, compared to a year earlier.

HDFC was the biggest boost to both indexes and helped the Nifty Bank Index rise about 2%.

National Fertilizers Ltd soared 18.1%, marking its sharpest intraday jump in more than five years, and hit a one-year high after reporting a jump in June-quarter sales.

Asian shares climbed as investors counted on super-cheap liquidity and fiscal stimulus to sustain the global economic recovery. (Reporting by Chris Thomas in Bengaluru; Editing by Subhranshu Sahu)

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