Indian shares hit record, bank stocks surge

Published: July 26, 2018 16:41:08 | Updated: July 27, 2018 16:30:30

File Photo (Collected)

Indian shares hit all-time highs on Thursday with the benchmark BSE index breaching 37,000 for the first time, ahead of derivatives expiry later in the day.

Bank shares were boosted by more state-run lenders lining up to enrol for a scheme for faster bad-loan resolution.

By Monday, more than 20 banks had signed up, reports Reuters.

A government panel had suggested creating an asset management company (AMC) to resolve bad loans above 5 billion rupees ($73 million), among steps to clean up the banking sector.

The broader NSE index was up 0.32 per cent at 11,168 as of 0708 GMT, while the BSE index was 0.37 per cent higher at 36,995.31.

The index took only 13 sessions to jump from 36,000 to 37,000.

The Nifty PSU Bank index surged 4.8 per cent in its sixth straight session of gains.

Canara Bank Ltd was the top gainer on the index, rising 5.19 per cent after a surprise Q1 profit on Wednesday.

State Bank of India rose 5.3 per cent to 286.20 rupees. A technical analysis suggested the stock may rise further and test a resistance at 294.14.

Ambuja Cement Ltd rose as much as 7.0 per cent after reporting a 27 per cent rise quarterly profit on Wednesday.

Bharti Airtel, which is expected to report its June-quarter results after market hours, rose as much as 2.0 per cent.

Among the decliners, Larsen and Toubro Ltd shed early gains and was down 1.8 per cent.

It had reported a 36 per cent increase in June-quarter net profit on Wednesday.

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