Indian shares gain on pharma, tech stocks boost

FILE PHOTO: A general view of the Bombay Stock Exchange (BSE), after Sensex surpassed the 50,000 level for the first time, in Mumbai, India, January 21, 2021. REUTERS/Francis Mascarenhas

BENGALURU (Reuters) – Indian shares rose on Tuesday, after closing at record highs in the previous session, as gains in pharma and technology stocks helped investors look past losses in banks and rising global cases of the Delta coronavirus variant.

By 0406 GMT, the blue-chip NSE Nifty 50 index was up 0.09% at 16,577.80 and the benchmark S&P BSE Sensex climbed 0.09% to 55,635.47.

The Nifty pharma index gained 0.86%. Suven Life Sciences rose 7.1% after announcing a late-stage trial for its treatment of aggression in Alzheimer’s type dementias.

The Nifty IT index jumped 1.06%.

Shares of auto parts maker Fiem Industries surged 16.7% after it said it added Ola Electric as a customer.

Among global markets, Asian shares declined over Delta variant concerns and the turmoil in Afghanistan, while Wall Street rebounded overnight, with the benchmark S&P 500 and the Dow industrials hitting record highs. [MKTS/GLOB]

Source: Read Full Article