Sensex, Nifty close higher as HDFC Bank’s gains offset energy, metals losses | Markets News
Indian shares edged higher on Wednesday as losses in energy and metal stocks were outweighed by gains in HDFC Bank, after a positive commentary on a recovery in retail loans and growth outlook.
The broader NSE Nifty 50 index ended up 0.2% at 11,247.55 and the S&P BSE Sensex climbed 0.3% to 38,067.93.
Shares of HDFC Bank rose as much as 2.3% after the top private lender`s managing director Aditya Puri said the bank was “back to pre-COVID levels.”
The management also added that the bank was seeing a significant recovery in all forms of retail loans and was confident about a significant pick-up in credit growth in the upcoming festival season.
HDFC was the top boost to the Nifty 50 index and its gains lifted the Nifty bank index to end nearly flat from a 1.3% fall.
The Nifty metals index fell 2.1%, while the energy sub-index dropped 1.1%, weighed down by a 9% slide in Bharat Petroleum Corp after Reuters reported that Rosneft and Saudi Aramco were unlikely to bid for the Indian refiner`s stake.
The energy and metals indexes were also weighed down by Royal Dutch Shell`s announcement that it plans to cut up to 9,000 jobs, or over 10% of its workforce, as part of a major overhaul to shift the oil and gas giant to low-carbon energy.
Meanwhile, Reliance Industries Ltd rose as much as nearly 1% early in the session, after the company said U.S. fund General Atlantic plans to invest 36.75 billion rupees ($498.31 million) for a 0.84% stake in its retail arm.
Investors are awaiting clues about the Indian economy from August infrastructure output data.
India`s current account surplus rose to a record $19.8 billion in April-June as its trade deficit narrowed sharply, the Reserve Bank of India said on Wednesday.
