Indian shares rebound as financials rise

BENGALURU, Nov 20 (Reuters) - Indian shares clocked broad-based gains on Friday, rebounding from a sharp fall in the previous session in the backdrop of improving economic growth forecasts.

The NSE Nifty 50 index, which fell more than 1% on Thursday, was up 0.37% at 12,820.75 by 0405 GMT, while the S&P BSE Sensex climbed 0.41% to 43,782.50.

HDFC Bank and mortgage lender HDFC were the top two boosts to the Nifty 50.

Barclays lifted its fiscal 2022 growth forecast for the Indian economy to 8.5% from 7% on Thursday, while Moody's reportedly here projected a smaller contraction than earlier for fiscal 2021.

Separately, shares of drugmaker Gland Pharma Ltd were set to make their market debut on Friday.

Global markets, meanwhile, were hit by a wave of uncertainty after U.S. Treasury Secretary Steven Mnuchin called for an end to coronavirus pandemic relief for struggling businesses. (Reporting by Sachin Ravikumar in Bengaluru; Editing by Subhranshu Sahu)