Indian shares take breather from virus-driven selloff

BENGALURU, March 26 (Reuters) - Indian shares rose on Friday, led by gains in beaten-down bank stocks, after the major indexes fell more than 3% in the last two sessions due to concerns over economic growth as coronavirus cases surge.

The blue-chip NSE Nifty 50 index and the benchmark S&P BSE Sensex rose 1% each to 14,470 and 48,933.46, respectively, as of 0346 GMT.

India’s daily COVID-19 cases hit a five-month high on Thursday.

The Nifty bank index rose 1.4% on Friday. The index has fallen nearly 6% in the past two weeks.

Shares of Kalyan Jewellers India Ltd were set to debut in the Mumbai market on Friday after its initial public offering was oversubscribed by 1.28 times. (Reporting by Nallur Sethuraman in Bengaluru)