BENGALURU (Reuters) – Indian shares rose on Tuesday, as gains in State Bank of India and Canara Bank lifted banks, after a steel conglomerate completed an insolvency process, allowing lenders to recover some of their bad loans.
Volumes are expected to be lighter in a holiday-shortened week, with the Indian exchanges being closed on Monday and the coming Friday.
The blue-chip NSE Nifty 50 index rose 1.2% to 14,684 and the benchmark S&P BSE Sensex gained 1% at 49,487, as of 0409 GMT.
JSW Steel said on Friday it completed the resolution plan for Bhushan Steel and Power, including a payment of 193.50 billion rupees ($2.66 billion) to financial creditors.
The Nifty bank index and the public sector bank index rose 1% each.
Shares of Indian mobile gaming platform Nazara Technologies Ltd were set to debut in the Mumbai market on Tuesday after strong subscription to its initial public offering.
($1 = 72.8000 Indian rupees)
Reporting by Nallur Sethuraman in Bengaluru; Editing by Amy Caren Daniel
