Indian shares jumped on Monday, extending gains to a seventh straight session, boosted by the government’s plan to offer more capital to finance the country’s infrastructure needs and reports of further tax reforms.
Meanwhile, in a joint statement on the India-U.S. Economic and Financial Partnership, both countries said they are working to draw more private sector capital to boost the Asian nation’s infrastructure.
Shares of Vedanta Ltd were among the top two gainers on the local indexes, climbing as much as 4.15% in its sharpest intraday gain in more than five weeks.
The Nifty PSU Bank index .NIFTYPSU, which tracks the country’s state-run lenders, rose as much as 1.32%, on track for its seventh straight session of gains, with shares of Central Bank of India rising over 4%.
The Nifty IT index .NIFTYIT inched higher, with shares of software services firm Tata Consultancy Services Ltd adding 1.29%.
Meanwhile, private lender Yes Bank climbed 3% after reversing early losses of up to 15%.. The lender posted a bigger-than-expected quarterly loss on Friday, as asset quality worsened and provisions swelled.