Reliance, HDFC Bank lead Indian shares higher; state-owned banks advance

Varun Beverages

03/12/2024 07:47

** India's benchmark indexes NSE Nifty 50  .NSEI  and BSE
Sensex  .BSESN  rise about 0.7% each, led by heavyweights
Reliance Industries  RELI.NS  and HDFC Bank  HDBK.NS 
    ** Reliance up 1.2%; it gained about 3% in last two sessions
    ** Stock had lost 14.4% in the last three months,
underperforming Nifty 50's 4.4% drop
    ** HDFC Bank adds 1.2% to hit record high
    ** Highest-weighted financials  .NIFTYFIN  rise 1%;
state-owned banks  .NIFTYPSU  gain 2.3%
    ** Relative valuations of India's banks look quite
attractive compared to other segments, says BofA
    ** Says, more investors are attracted to state-owned banks
after superior earnings delivery in Sept-quarter
    ** Smallcaps  .NIFSMCP100  and midcaps  .NIFMDCP100  gain
about 0.7% each
    ** Consumer index  .NIFTYFMCG  drops 0.7%; cigarettes maker
ITC  ITC.NS  dips 1.5%, Pepsi bottler Varun Beverages  VARB.NS 
slips 2%
    ** Media reports say government plans to hike goods and
services tax (GST) on cigarettes, other tobacco-related items
and aerated beverages
    ** Among individual stocks, Adani Ports  APSE.NS  jumps 6%
after Bernstein reiterates "outperform"

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))