Infrastructure shares jump bringing India's NSE Nifty near budget day closing

Jul 16 2014, 15:03 IST
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India's NSE index gains 0.5 percent, hovering near the budget day's close as banks and infrastructure-related shares surge. (Reuters) India's NSE index gains 0.5 percent, hovering near the budget day's close as banks and infrastructure-related shares surge. (Reuters)
SummaryAmong lenders, IDFC jumps 7.4 percent, ICICI Bank rises 3.9 percent, and Axis Bank adds 2.6 percent while State Bank of India gains 1.7 percent.

India's NSE index gains 0.5 percent, hovering near the budget day's close as banks and infrastructure-related shares surge after the central bank on Tuesday issued guidelines under which banks would be exempted from reserve requirements when raising long-term bonds for infrastructure.

Among lenders, IDFC jumps 7.4 percent, ICICI Bank rises 3.9 percent, and Axis Bank adds 2.6 percent while State Bank of India gains 1.7 percent.

Among housing developers, Jaypee Infratech is up 20 percent, hitting its maximum daily limit, DLF Ltd is up 3.1 percent and Unitech Ltd gains 6 percent after funds for affordable housing were included as part of the bond reserve exemptions.

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