HDFC Bank Gets New CEO, Boosts Shares

Domestic stocks rose over 1 per cent on Tuesday, driven by a nearly 6 per cent jump in HDFC Bank shares, after the central bank approved the appointment of a new chief executive officer for the country's most valuable bank. Shares of the private sector lender surged as much as 5.89 per cent, and were the top boosts on the Nifty 50 index after the Reserve Bank of India (RBI) approved Sashidhar Jagdishan's appointment as the new chief of HDFC Bank. (Track HDFC Bank Shares Here)

Snapping four straight sessions of losses, the NSE Nifty 50 index rose 1.03 per cent to 11,003.70 by 10:30 am, while the S&P BSE Sensex was 1.1 per cent higher at 37,343.76.

"Global cues are positive and RBI approval for the CEO seat at HDFC Bank is supporting domestic markets," said Rahul Sharma, head of research, Equity99 Advisors in Mumbai.

Helping investor sentiment further was strong US manufacturing data that helped lift Asian shares.

MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.9 per cent.

In Mumbai trading, the Nifty financials index rose 1.46 per cent, with ICICI Bank and Axis Bank gaining over 1.2 per cent each.

Auto makers Hero MotoCorp and Maruti Suzuki India rose as much as 2.95 per cent and 1.89 per cent, respectively.

Meanwhile, India reported a jump of 52,050 coronavirus infections in the last 24 hours, with the total number of cases now at 1.86 million and the number of deaths at 38,939, health ministry data showed.

IT firm Infosys lost 1.48 per cent, while larger rival Tata Consultancy Services slipped 1.16 per cent, dragging the Nifty IT index 1.3 per cent lower.

Reports said US President Donald Trump on Monday signed an executive order preventing federal agencies from contracting or subcontracting foreign workers, mainly those on H-1B visa.