June 26, 2020 / 4:18 AM / 2 months ago

Indian shares gain on boost from financials, ITC

BENGALURU, June 26 (Reuters) - Indian shares gained ground on Friday as financial stocks rose on the back of strong results from Indian Overseas Bank, with ITC adding to gains ahead of its fourth-quarter earnings.

The NSE Nifty 50 index rose 0.72% to 10,358.15 and the benchmark S&P BSE Sensex was up 0.71% at 35,089.62 as of 0349 GMT.

Shares of Indian Overseas Bank Ltd surged 8% after the lender on Thursday reported a profit in the March quarter, compared with a loss a year earlier.

Shares of consumer goods giant ITC Ltd were up 2%.

Investors are also keeping a close watch on border tensions between India and China as well as rising coronavirus cases.

India on Thursday accused China of deploying large numbers of troops and weapons along a disputed Himalayan border in violation of bilateral agreements. Also, data showed on Thursday that India’s total coronavirus cases rose to nearly half a million with nearly 15,000 deaths.

Meanwhile, Asian shares are set to end a choppy week more or less where they began as surging coronavirus infections cast a shadow over encouraging economic data. (Reporting by Nallur Sethuraman in Bengaluru; Editing by Anil D’Silva)

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