Sensex Soars 385 Points; Nifty Nears 11,000

Indian shares opened on a positive note Monday as private sector lender HDFC Bank posted robust earnings for the June quarter and the Union Health Ministry said that India's Covid-19 fatality rate is progressively falling.

The benchmark S&P BSE Sensex jumped 385 points, or 1.04 percent, to 37,405 in early trade, while the broader NSE Nifty index was up 92 points, or 0.84 percent, at 10,993.

HDFC Bank soared 4.2 percent as it reported a 20 percent jump in quarterly profit.

Managing director Aditya Puri said on Saturday that an enquiry into the vehicle lending business has brought out personal misconduct issues for which appropriate disciplinary actions have been initiated.

ICICI Bank rallied 3 percent after revising fixed deposit rates

Vodafone Idea climbed 8 percent after paying additional Rs. 1,000 crore to the government towards AGR dues.

Mahindra and Mahindra Financial Services rose about 1 percent on reporting more than two-fold jump in standalone net profit in the June quarter.

Heavyweight Reliance Industries edged down slightly. The company's online grocery delivery service JioMart has launched its application for both Android and iOS users.

Glenmark Pharmaceuticals tumbled 3.7 percent. The Drug Controller General of India has pulled up the company for alleged false claims about the use of Fabiflu to treat Covid-19.