BENGALURU: Indian shares rose on Tuesday, helped by gains in the country’s biggest private lender HDFC Bank and automaker Tata Motors, with sentiment aided by the government’s decision to name nominees to the central bank’s monetary policy committee.
The NSE Nifty 50 rose 0.77% to 11,590.90 and the S&P BSE Sensex gained 0.78% to 39,272.40 by 0525 GMT.
Tata Motors surged as much as 7.8% to be the top gainer on the Nifty 50 after its UK unit JLR reported an improvement in its September-quarter retail sales.
JLR’s retail sales for the quarter ending Sept. 30 were 113,569 vehicles, up more than 50% from the previous quarter.
Shares in HDFC Bank gained as much 2.4% to their highest level in nearly five weeks after the lender said advances aggregated to about 10.37 trillion rupees as of Sept. 30, up about 16% from a year earlier.
The Nifty Bank index rose 1.1%.
Investors await the Reserve Bank of India’s delayed monetary policy meet after the government named three nominees to the central bank’s monetary policy committee late on Monday.
The appointments are “likely to pave the way for the next MP (monetary policy) meeting soon,” Rahul Bajoria, Chief Economist at Barclays, said in a research note.
The RBI is widely expected to keep key rates unchanged at the upcoming monetary policy review, as it attempts to manage high retail inflation while keeping its policy stance accommodative.
“We do not believe the new appointments dramatically change the near-term monetary policy outlook,” Bajoria said.
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