Indian shares extended gains for the second session on Tuesday, helped by an uptick in financials on strong quarterly updates.
rose between 2% and 6.5% after they gave strong quarterly updates, including reporting a rise in deposits.
"There is valuation comfort in India's banks despite the recent run-up," according to Saion Mukherjee, head of equity research at Nomura, who cited balance sheet clean-up and an improvement in asset quality as primary reasons for the positive outlook.Both the Indian equity benchmarks had fallen over 0.25% earlier in the session as weak economic data from China fuelled fears that a rapid spread of COVID cases would weigh on global growth.
The minutes of last month's Federal Reserve meeting, due on Wednesday, could lead to volatility in the next few sessions, said analysts.
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