Markets open positive despite Covid surge; Sensex rises over 500 points

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 9:16 am.

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 9:16 am. India's daily COVID-19 cases hit a five-month high on Thursday.