Indian shares rise as banks recover; ONGC gains on earnings

Last Updated: Mon, Aug 13, 2012 10:33 hrs

Indian shares provisionally rose on Monday, led by recently hit banking stocks such as SBI, while ONGC gained after posting a surge in quarterly earnings over the weekend.

State Bank of India rose 1 percent, after earlier falling as much as 1.5 percent. Shares of India's biggest lender slumped 4.1 percent on Friday after reporting a surge in bad loans during the April-June quarter.

State-run producer Oil & Natural Gas Corp rose 0.6 percent after the company reported over the weekend a higher-than-expected jump in quarterly profit.

India's benchmark BSE index provisionally ended up 0.43 percent at 17,633.45 points, while the 50-share NSE index rose 0.52 percent to 5,347.90 points.

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