May 21, 2020 / 5:36 AM / 7 days ago

Indian shares rise after plans to ease air travel curbs

BENGALURU, May 21 (Reuters) - Indian shares rose on Thursday after encouraging corporate earnings reports and as the government said it plans to ease curbs on air travel, in a further relaxation of a weeks-long coronavirus lockdown that has bruised the economy.

The NSE Nifty 50 index was up 0.39% at 9,101.10 by 0400 GMT, while the S&P BSE Sensex was 0.36% higher at 30,929.03.

Shares in Interglobe Aviation Ltd, which runs India’s largest airline IndiGo, jumped 7.6%, while second-biggest carrier SpiceJet climbed 4.9% after India announced a resumption of some domestic flights from May 25.

IndiGo was the top gainer on the Nifty 100.

Better-than-expected March-quarter results from Bajaj Auto Ltd made the stock the top gainer on the Nifty 50 with a 5.8% rise.

Meanwhile, ICRA late on Wednesday sharply lowered its forecast for India’s gross domestic product in 2020-21, projecting a 5% fall, deeper than its earlier estimate of a 1%-2% decline. ICRA is a local unit of ratings agency Moody’s. (Reporting by Sachin Ravikumar; Editing by Shounak Dasgupta)

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