Indian shares kick off August higher on Yes Bank boost
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Indian shares kicked off August trading on a positive note on Monday, after clocking their best month since November 2020 in the previous session, with Yes Bank jumping more than 5% following its decision last week to a fundraise $1.1 billion.
The NSE Nifty 50 index was up 0.3% at 17,210.35, as of 0352 GMT, and the S&P BSE Sensex rose 0.27% to 57,723.67. The benchmark indexes posted their first monthly gain in four, advancing more than 8% each in July.
Shares of Yes Bank Ltd rose after the lender said late on Friday that it would sell up to 10% stake to U.S. private-equity firms Carlyle Group Inc and Advent International.
The Nifty auto sub-index, which marked its fourth monthly gain in July, rose 2% ahead of sales data from domestic automakers due later in the day.
Agrochemicals manufacturer UPL Ltd, a Nifty 50 component, climbed up 0.9% ahead of its quarterly earnings results likely on Monday.
Oil prices dropped, as weak July manufacturing data from China and Japan weighed on demand outlook, while investors braced for this week's meeting of officials from OPEC and other top producers on supply adjustments. [O/R]
In broader Asia, equity markets got off to sluggish start as disappointing Chinese economic data fed doubts last week's rally on Wall Street could be sustained in the face of determined policy tightening by global central banks. [MKTS/GLOB]
