December 27, 2019 / 4:29 AM / a month ago

Indian shares snap 3-day losing streak as state-run banks shine

BENGALURU, Dec 27 (Reuters) - Indian shares rose on Friday after three straight sessions of losses, buoyed by gains in state-run banks and strenthening sentiment across Asian markets as a Sino-U.S. trade deal looked more imminent.

The NSE Nifty 50 index was up 0.45% at 12,180.90 by 0415 GMT, while the benchmark S&P BSE Sensex had risen 0.43% to 41,341.62. With two trading sessions left in the year, the Nifty 50 has so far risen 12.2% in 2019.

Meanwhile, global markets returned from their Christmas break to digest news from both the United States and China, which signaled that the two sides were close to signing an initial trade agreement.

MSCI’s broadest index of Asia-Pacific shares outside Japan was last up 0.18%, after climbing to an 18-month high earlier on Friday.

An announcement by India’s central bank that it will conduct another simultaneous purchase and sale of government bonds lifted stocks in state-run banks. It announced a similar special open market operation earlier this month.

The Nifty PSU bank index that tracks these lenders climbed 2.68%, and was on course for its best session in two weeks.

With an 8.2% jump, Allahabad Bank was the top gainer on the 12-member banking index, while shares in the country’s largest lender by assets, State Bank of India, added 2%. (Reporting by Sachin Ravikumar; Editing by Rashmi Aich)

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