Indian shares start 2022 with strong gains on bank, auto rally
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BENGALURU -Indian shares rose more than 1.5% in this year's first trading session on Monday as banking and auto stocks rallied despite a surge in the country's COVID-19 cases.
At the closing bell, the NSE Nifty 50 index was up 1.57% at 17,625.70 and the benchmark S&P BSE Sensex 1.60% higher at 59,183.22 points. Both the Sensex and Nifty 50 earlier touched a six-week high.
Most of the Nifty 50 stocks were in positive territory, with top private lenders Axis Bank and ICICI Bank among the biggest gainers as they added 2.6% and 3.3%, respectively.
Nifty's bank index had its best day since May, also aided by a 5.1% jump in Federal Bank following positive quarterly figures on total deposits.
Shares of Fino Payments Bank were up 2.9% after the central bank granted the company approval for starting an international remittance business.
The Nifty auto index closed 1.62% higher after several automakers logged strong December sales numbers. Eicher Motors advanced 4.9% and Tata Motors settled up 3.2%.
Shares of Coal India were the top percentage gainer on the Nifty 50 with a rise of over 6%, while Zomato added 2.9% after the food delivery platform recorded https://twitter.com/deepigoyal/status/1476940878082043908?s=20 more than 2 million orders for the first time on Dec. 31.
A rise in the country's coronavirus cases for a sixth straight day to the highest daily count since mid-September, however, raised some concerns.
India earlier in the day began vaccinating children aged 15 to 18 against the coronavirus as it expands vaccination coverage for the world's largest adolescent population.
