June 24, 2020 / 4:14 AM / 13 days ago

Indian shares gain on boost from banks, Reliance

BENGALURU, June 24 (Reuters) - Indian stocks rose on Wednesday as Bank of Baroda’s strong earnings bolstered financial stocks, with Reliance shares adding to the gains after the conglomerate said it was looking to close a partnership deal with Saudi Aramco.

Investor sentiment also got a boost after Indian and Chinese military commanders agreed to step back from a confrontation over a disputed stretch of border.

The NSE Nifty 50 index rose 0.6% to 10,528 and the benchmark S&P BSE Sensex was up 0.55% at 35,624.95 as of 0346 GMT.

The Nifty banking index and finance index rose 0.8% and 0.7%, respectively. Bank of Baroda Ltd surged 7% after the lender on Tuesday reported March quarter profit of 5.07 billion rupees against a loss of 9.91 billion rupees year ago.

Reliance Industries Ltd shares edged 0.7% higher after the company said it was working to complete the contours of a strategic partnership with Saudi Aramco in its annual report. The stock was a top boost to the Nifty 50 index.

Reliance is in the process of selling a 20% stake in its oil-to-chemical business to Saudi Aramco.

Meanwhile, Asian shares crept to a four-month high on Wednesday as investors remained stubbornly upbeat on the outlook for a re-opening of the global economy even as cases of the coronavirus looked to be accelerating to new peaks. (Reporting by Nallur Sethuraman in Bengaluru; Editing by Anil D’Silva)

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