BENGALURU: Automaker Mahindra and Mahindra led a 1% jump in Indian shares on Monday after reporting positive quarterly results, while the market also benefited from an improvement in the global mood on news that Shanghai would ease COVID-19 curbs.

The NSE Nifty 50 index was up 1.15% at 16,541.10 by 0347 GMT, while the S&P BSE Sensex rose 1.23% to 55,550.61. Both the indexes added more than 1% on Friday.

Leading the gains on the Nifty 50, Mahindra and Mahindra rose 2.5% after it reported a 47.8% jump in consolidated net profit.

Nifty's IT sub-index built on the previous session's rally with a 2.6% jump on Monday.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 1.2% as investors pinned hopes on an eventual slowdown in U.S. monetary tightening, while authorities in Shanghai said they will cancel many conditions for businesses to resume work from Wednesday, easing a city-wide lockdown that began some two months ago.

(Reporting by Chandini Monnappa in Bengaluru; Editing by Aditya Soni )