Indian shares hit 6-month high on global cues; banks gain

Credit: REUTERS/FRANCIS MASCARENHAS

BENGALURU, Aug 25 (Reuters) - Indian shares hit a six-month intraday high on Tuesday, taking cues from other Asian markets that rose on progress in U.S.-China trade talks and following another record close on Wall Street.

The NSE Nifty 50 index .NSEI climbed 0.43% to 11,516.05 by 0355 GMT, while the benchmark S&P BSE Sensex .BSESN gained 0.44% to 38,968.09. The Nifty 50 hit its highest intraday level since Feb. 27.

Financial stocks led gains on the Nifty 50, with the Nifty banking index .NSEBANK rising 1.03%. ICICI Bank Ltd ICBK.NS, HDFC Bank Ltd HDBK.NS and HDFC Ltd HDFC.NS were the top three boosts to the index, up between 0.4% and 1%.

Asia's stock markets were mostly higher on reports that top U.S. and Chinese officials see progress being made in resolving concerns around the Phase 1 trade deal reached between the two countries in January. MKTS/GLOB

(Reporting by Sachin Ravikumar; editing by Uttaresh.V)

((saisachin.r@tr.com; +91 80 6182 2754; Twitter: @sachinr27;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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