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Gulf Today Report
Indian shares jumped on Tuesday following gains in bank shares after steel conglomerate JSW Steel completed an insolvency process.
The blue-chip NSE Nifty 50 index rose 1.7% to 14,757.50 and the benchmark S&P BSE Sensex gained 1.6% at 49,792.04, by 05:03 GMT.
According to JSW Steel, it has concluded a resolution plan for Bhushan Steel and Power.
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Amongst other things, the plan includes a payment of 193.50 billion rupees ($2.66 billion) to financial creditors.
"The JSW Steel resolution has given impetus to the banks as many of them were lenders to the bankrupt company," said Anita Gandhi, director at Arihant Capital Markets.
The Nifty bank index rose 1.9% and the public sector bank index gained 1.1%. The Nifty metals index rose 3.2% and were the top gainer among sectoral indexes.
Indian shares closed at a more than one-month high on Tuesday as banking and auto companies gained, while the rupee recovered after breaching 80 against the dollar.
The blue-chip NSE Nifty 50 index fell 0.9% to 14,713 and the benchmark S&P BSE Sensex dropped 1% to 49,631, as of 05:11 GMT.
The blue-chip NSE Nifty 50 index fell 1.2% to 14,638 and the benchmark S&P BSE Sensex dropped 1.1% to 49,7508, as of 05:10 GMT.
The blue-chip NSE Nifty 50 index and the benchmark S&P BSE Sensex fell 1% to 14,405 and 48,675.66, respectively, as of 05:07 GMT. The indexes had dropped nearly 2% in the previous session.
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