BENGALURU, May 24 (Reuters) - Indian shares settled
marginally higher on Monday, helped by gains in heavyweight
financial stocks including State Bank of India, and as daily
coronavirus infections fell further.
The blue-chip NSE Nifty 50 index closed 0.15% higher
at 15,197.70, while the benchmark S&P BSE Sensex rose
0.22% to 50,651.90. Both the indexes gained more than 3% last
The Nifty PSU Bank Index, which tracks
state-owned banks, ended 2.13% higher, marking its fourth
straight session of gains.
Private-sector lender HDFC Bank and State Bank of
India were the top boosts to the Nifty 50, closing 0.8%
and 2.7% higher, respectively.
SBI, the country's top lender, reported a record quarterly
profit on Friday and said it did not see any concerns about its
Lifting investor mood further, data from the health ministry
showed that daily cases of the novel coronavirus stayed below
the 300,000-mark for the eighth straight day. However, the death
toll crossed 300,000.
A steady decline in fresh COVID-19 cases and hopes that
lockdowns would be lifted sooner than expected helped the market
extend its gains, said Vinod Nair, head of research at Geojit
"Positive quarterly earnings and easing asset quality woes
helped banking stocks to attract buying interest while mid- and
small-cap stocks outperformed," he said.
Shares of Panacea Biotech Ltd closed 3.4% higher
after the Russian Direct Investment Fund said the drugmaker had
started production of Russia's Sputnik V vaccine against
Among losers, JSW Steel Ltd closed 2.4% lower
after it said it was not looking at buying any overseas assets.
Reuters and other media had reported earlier that the steel
producer was considering a bid to acquire Liberty Steel in
Britain as well as mills elsewhere.
(Reporting by Rama Venkat in Bengaluru; Editing by Subhranshu