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business
Tuesday May 05 2020
By
Reuters

Indian shares track global markets higher as governments ease lockdowns

By
Reuters
 People walk past the Bombay Stock Exchange (BSE) building in Mumbai, India. Photo: Reuters

BENGALURU: Indian shares rebounded on Tuesday, led by a jump in beaten-down banking stocks, as Asian markets tracked Wall Street higher after governments eased coronavirus lockdowns.

The NSE Nifty 50 index was up 1.64% at 9,445.60 by 0350 GMT, while the S&P BSE Sensex was 1.68% higher at 32,250.50. The indexes had fallen nearly 6% lower on Monday.

Stocks across Asia followed a late Wall Street surge on Monday, as the easing of lockdown restrictions in Italy and parts of the United States spurred hopes of a pick up in economic activity.

India had tallied more than 40,000 cases of the new coronavirus and deaths from the COVID-19 disease it causes had crossed 1,500 by Tuesday.