Indian shares extended a post-budget rally on Wednesday, with financial stocks leading gains after the government stepped up spending to put growth on a firmer footing, although disappointing earnings in a few blue-chip firms capped gains.
The blue-chip NSE Nifty 50 index was up 0.73% at 17,705.85, as of about 9.20 am Mumbai time, while the S&P BSE Sensex advanced 0.76% to 59,311.88.
The indexes had climbed nearly 1.5% each after the budget announcements on Tuesday.
India in its federal budget said it will step up spending to 39.45 trillion rupees in the coming fiscal year to build public infrastructure and drive economic growth.
The Nifty Bank index and the Nifty PSU Bank index led gains among sub-indexes, rising as much as 1.3% and 1.8%, respectively.
Nifty components Tech Mahindra and Adani Ports slumped 4.2% and 2.3%, respectively, after posting disappointing quarterly numbers.
Heavyweight mortgage lender Housing Development Finance Corporation is due to report its results later in the day.
- Reuters, with additional editing by George Russell
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