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Sensex gains as G20 policymakers pledge to support growth

Indian shares rose on Monday, with recent under-performers such as Infosys and State Bank of India recovering on improved sentiment following assurances from global policymakers on the need to boost growth.

Policymakers from the Group of 20 countries agreed at the weekend to work to support global growth and better share the benefits of trade, in a meeting dominated by the impact of Britain’s exit from Europe and fears of rising protectionism.

Overall sentiment was however still cautious given uncertainty surrounding whether the current session of parliament will pass the Goods and Services Tax (GST) bill and as investors awaited other corporate earnings.

“Markets are receiving mixed signals over the uncertainty clouding GST as of now but if it’s passed then FII (foreign institutional investor) inflow will increase, which could benefit the market,” said Vinod Nair, head of research with Geojit BNP Paribas Financial Securities

The broader NSE Nifty was trading 0.5 percent higher as of 0712 GMT, while the benchmark BSE Sensex also rose 0.5 percent.

Infosys rose as much as 0.6 percent, on track for recovery after falling as much as 10.6 percent following disappointing April-June results on July 15.

SBI gained as much as 1.9 percent after falling 3.3 percent in the previous two sessions.

Companies expected to post positive results also gained, with Bharti Infratel rising as much as 2.7 percent ahead of its results on Tuesday.

Shares of India’s third biggest private sector lender, Axis Bank, however fell as much as 3.6 pct after posting weak June-qtr results.

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