Nifty, Sensex climb on ICICI Bank boost

A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, India, August 24, 2015. REUTERS/Danish Siddiqui/Files

BENGALURU (Reuters) – Indian shares climbed on Monday as private-sector lender ICICI Bank Ltd surged on strong quarterly results, even as an unabated rise in COVID-19 cases in the country fanned worries about the impact to its economic recovery.

The NSE Nifty 50 index rose 0.84% to 14,461.45 by 0350 GMT, while the benchmark S&P BSE Sensex was up 0.89% at 48,304.67. Up to Friday’s close, the indexes have shed around 7% and 9%, respectively, from peaks hit in February.

Novel coronavirus cases have surged by a record in recent days, overwhelming India’s healthcare system and prompting nations like the United States to offer aid.

ICICI Bank topped gains with a 6.2% jump to a near six-week high, after reporting a more than three-fold surge in March-quarter profit, while HCL Technologies slid 3.3% on downbeat earnings.

Nifty 50 components HDFC Life Insurance Company and Tech Mahindra are set to report their quarterly results on Monday.

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