July 28, 2020 / 4:15 AM / 18 days ago

Indian shares track broader Asia higher; banks, IT stocks shine

BENGALURU, July 28 (Reuters) - Indian shares climbed on Tuesday, helped by banking and IT stocks, as investors took cues from broader Asia that gained on hopes of more stimulus from the United States to cushion the economic impact of the coronavirus outbreak.

The NSE Nifty 50 index gained 0.52% to 11,184.25 by 0349 GMT and the S&P BSE Sensex rose 0.47% to 38,104.57.

Asian shares shook off coronavirus concerns and Sino-U.S. tensions to make early gains as investors wagered the U.S. Federal Reserve would reaffirm its super-easy policy outlook this week, and a tolerance for higher inflation.

MSCI’s broadest index of Asia-Pacific shares outside Japan added 1.2% on the prospect of more fiscal spending and endless cheap liquidity, with Fed Chair Jerome Powell expected to sound reassuringly accommodative after a policy meeting on Wednesday.

In Mumbai, the Nifty banking index, which tracks both state-owned and private-sector lenders, rose 0.9%. IndusInd Bank gained 2.4% ahead of its earnings.

IT services firm Tech Mahindra rose 5% to the top of Nifty gainers, helping the Nifty IT index climb 1%, after it reported higher quarterly profit.

Bharti Infratel was the top laggard, shedding 1.4%, after it reported downbeat quarterly results and announced the resignation of its chief executive officer. (Reporting by Derek Francis in Bengaluru; Editing by Subhranshu Sahu)

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