BENGALURU (Reuters) – Indian shares rose on Wednesday, helped by gains in beaten-down banking stocks and ITC, even as domestic coronavirus cases continued to rise unabated, dampening the growth outlook for Asia’s third-largest economy.
Despite the gains, the Nifty continued to trade below the 9,000 level, which it breached on Monday after India’s economic relief measures to support an already slowing economy hit by the pandemic disappointed markets.
The Nifty was up 0.72% at 8,943.20 by 0400 GMT, while the Sensex was up 0.76% at 30,434.46.
HDFC Bank Ltd and mortgage lender HDFC Ltd, up more than 1% each, were the two biggest boosts to the Nifty 50. Consumer products giant ITC Ltd rose 3.3%.
Coronavirus infections in India reached 106,750 as of Wednesday, a jump of more than 5,600 from the day before, with deaths crossing 3,300.
(Reporting by Sachin Ravikumar; Editing by Shounak Dasgupta)