Monday, May 29

India shares gain on energy, banking boost

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BENGALURU — Indian shares rose on Friday, lifted by energy and banking stocks amid strong earnings momentum, while a slight rebound in global markets also aided investor sentiment.

Asian stocks recovered some of their steep losses from the previous session after US markets limited further declines from hawkish Fed comments, supported by a firm economy and strong earnings at Apple Inc.

The blue-chip NSE Nifty 50 index was up 0.7% at 17,219, as of 0354 GMT. The S&P BSE Sensex gained 0.5% to 57,583.06.

The Nifty bank Index and public sector bank index rose 0.7% each after a cluster of strong earnings from Punjab National Bank, Canara Bank and RBL Bank propped up risk appetite.

The Nifty energy index rose 1.44% while the IT index gained 1.7%.

Shares of Bharti Airtel climbed 2.5% after it said Alphabet Inc’s Google would invest up to $1 billion in the telecom operator.

(Reporting by Nallur Sethuraman in Bengaluru; Editing by Sherry Jacob-Phillips)