BENGALURU (Reuters) – Indian shares rose on Thursday, tracking gains across global markets, as oil prices recovered from a collapse earlier in the week, while hopes of a new stimulus package to mitigate the hit from the coronavirus outbreak lifted sentiment.
The NSE Nifty 50 index rose 0.75% to 9,256.4 by 0421 GMT, while the benchmark S&P BSE Sensex was up 0.59% at 31,566.96.
Energy and financial stocks led the gains in Mumbai, with conglomerate Reliance Industries Ltd rising for a second straight day, up about 1%.
Private-sector lenders ICICI Bank Ltd and Kotak Mahindra Bank Ltd gained 2.7% each.
Asian markets climbed after Wall Street ended higher as oil prices rebounded and the U.S. Senate approved nearly $500 billion more in aid to help small businesses weather the health crisis.
Hopes of new measures to jump start growth buoyed domestic market sentiment, even as a senior minister said after a cabinet meeting on Wednesday that a package would be announced as and when it is designed.
While U.S. and European governments have spent trillions of dollars to offset the economic impact of the crisis, India has so far announced only one round of budget stimulus worth about $23 billion to provide free cooking gas cylinders, grains and some cash to the country’s poor.
Britannia Industries Ltd was among the top boosts to the Nifty, up nearly 10%, ahead of its quarterly results later in the day.
(Reporting by Chris Thomas in Bengaluru; Editing by Sriraj Kalluvila)