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Indian shares jump as financials extend gains

BENGALURU, May 18 (Reuters) - Indian shares extended gains on Tuesday, powered by financials, as investor sentiment remained upbeat after the daily rise in domestic coronavirus cases stayed below the 300,000 mark.

The NSE Nifty 50 index rose 1.12% to 15,093.50 by 0350 GMT, while the benchmark S&P BSE Sensex advanced 1.13% to 50,141.21. On Monday, they had added 1.67% and 1.74%, respectively.

India’s total coronavirus cases surged past the 25 million mark on Tuesday. Daily cases rose by 263,533, remaining below the 300,000 mark for a second day, a level last seen on April 21, while deaths increased by a record 4,329.

All major sub-indexes were trading higher, with financials leading the pack.

Private sector lenders HDFC Bank and ICICI Bank advanced for a second session and were the top boosts to the Nifty. They have added roughly 5% each in the last two sessions.

Auto stocks rose 1.03%, with Tata Motors climbing nearly 2% ahead of its quarterly results.

Forty-eight stocks of the Nifty 50 were trading in positive territory. Among losers, Bharti Airtel inched 0.56% lower a day after the telecom operator posted quarterly results.

Meanwhile, Asian shares also rose, shrugging off worries about an increase in regional coronavirus infections and a subdued overnight session on Wall Street. (Reporting by Chandini Monnappa in Bengaluru; Editing by Subhranshu Sahu)

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