Sensex, Nifty rise sharply as financial stocks gain; ICICI Bank up over 5%

The NSE Nifty 50 index rose 0.84% to 14,461.45 by 0350 GMT, while the benchmark S&P BSE Sensex was up 0.89% at 48,304.67. Up to Friday's close, the indexes have shed around 7% and 9%, respectively, from peaks hit in February.

Indian shares climbed on Monday as private-sector lender ICICI Bank Ltd surged on strong quarterly results, even as an unabated rise in COVID-19 cases in the country fanned worries about the impact to its economic recovery. The NSE Nifty 50 index rose 0.84% to 14,461.45 by 0350 GMT, while the benchmark S&P BSE Sensex was up 0.89% at 48,304.67. Up to Friday's close, the indexes have shed around 7% and 9%, respectively, from peaks hit in February. Novel coronavirus cases have surged by a record in recent days, overwhelming India's healthcare system and prompting nations like the United States to offer aid.