Indian shares soar on financial institutions and energy; Muthoot Finance drops

Indian stocks rise on financial institutions and energy;  Muthoot Finance goes down

Business News: Indian shares soar on financial institutions and energy; Muthoot Finance drops.

Indian equities opened higher on Monday after two consecutive bearish sessions, aided by financial and energy stocks, as leading gold lender Muthoot Finance tumbled following the death of its president.

The NSE Nifty 50 blue chip index rose 0.62% to 15,031.03 and the S&P BSE Sensex benchmark rose 0.66% to 50,740.06 at 0358 GMT.

Market sentiment was also upbeat as investors around the world applauded the passage of a $ 1.9 trillion stimulus bill by the US Senate.

The MSCI index, the largest Asia-Pacific equity index outside of Japan, rose 0.5% on the prospect of a faster global economic recovery following the approval of the stimulus bill. [MKTS/GLOB]

Shares of Muthoot Finance Ltd fell 5% after the company said bit.ly/3v3Lqva its chairman, Mr. G. George Muthoot, passed away on Friday.

Local newspapers quoted police as saying the president fell from the fourth floor of his home in New Delhi around 9pm on Friday.

The Nifty Bank Index, which rose 1.22% last week, gained 1.08%.

The Nifty Energy Index rose 1.65% as Brent crude futures reached their highest level in more than a year.

Oil and Natural Gas Corp Ltd was among the top percentage winners on the Nifty 50, up 6.1%.