Indian shares rise after sharp virus-led decline; drug firms jump

Indian regulatory approval for Russia's Sputnik V COVID-19 vaccine sent shares in local partner Dr Reddy's Labs up as much as 3%

  
People walk past the Bombay Stock Exchange (BSE) building in Mumbai, India, November 4, 2020.

People walk past the Bombay Stock Exchange (BSE) building in Mumbai, India, November 4, 2020.

REUTERS/Francis Mascarenhas

BENGALURU - Indian shares rose on Tuesday after a bruising coronavirus-led decline in the last session, as beaten-down banking stocks gained and drug companies climbed due to a vaccine approval.

The NSE Nifty 50 index was up 0.36% at 14,363.20, while the S&P BSE Sensex was 0.35% higher at 48,052.45. Each index fell more than 3% on Monday, making it their second worst day in 2021.

Indian regulatory approval for Russia's Sputnik V COVID-19 vaccine sent shares in local partner Dr Reddy's Labs up as much as 3%. Cipla and Sun Pharma, which sell COVID-19 medication, continued to gain amid a surge in domestic infections.

State-run banks gained 2.4% and were among the top sectoral gainers. The index had dropped 9% in the previous session.

IT services consultancy TCS fell more than 3% after its March-quarter profit missed analysts' estimates. 

Meanwhile, India's retail inflation accelerated to a four-month high in March on higher food and transport costs, data showed on Monday. 

(Reporting by Sachin Ravikumar in Bengaluru; editing by Uttaresh.V) ((saisachin.r@tr.com; +91 80 6182 2754; Twitter: @sachinr27;))

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