Indian shares hit a more than six-week closing high on Wednesday, driven by an HDFC-led rally in financials, while improved global mood over the easing of some lockdowns helped market sentiment.
Though India's own stringent restrictions remain largely in place, signs of lockdowns easing in Europe and the United States and a return to business in Asia have bolstered stock markets globally this week.
The NSE Nifty 50 index closed 1.84% higher at 9,553.35, marking its longest gaining streak in over a month, while the benchmark S&P BSE Sensex ended up 1.89% at 32,720.16. Non-banking lender Housing Development Finance Corporation Ltd (HDFC) closed up 7.05% and was the biggest boost to the indexes, while HDFC Bank Ltd jumped 4.91%.
Consumer goods giant Hindustan Unilever Ltd (HUL) slipped 2.54% after Bloomberg reported that GlaxoSmithKline Plc. was preparing to start the sale of its $3.7 billion stake in the company, while Axis Bank Ltd fell 3.59% after reporting a surprise loss on provisions related to Covid-19.