Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Indian shares end higher as investors look beyond record virus surge (April 22)

04/22/2021 | 11:19pm EDT
FILE PHOTO: A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai

(This story from April 22 is corrected to show organisation in paragraph 3 to "IDBI Capital", not "IDBI bank")

By Soumyajit Saha

BENGALURU (Reuters) - Indian shares bounced back from a near three-month low to end higher on Thursday as investors looked beyond a massive surge in COVID-19 infections to progress on vaccinations, with metals and bank stocks leading the gains.

The NSE Nifty 50 index rose 0.77% to 14,406.15 at close, while the S&P BSE Sensex gained 0.79% to end at 48,080.67.

"There is a strong buying sentiment in the market ... (investors) may be looking beyond the rising cases and restrictions, as other countries vaccinate and open up," said AK Prabhakar, head of research at IDBI Capital.

"The government is also trying to provide more incentives for private players to ramp up production of vaccines, which is good," he added.

U.S. pharmaceutical giant Pfizer Inc on Thursday said it was in talks with the Indian government for supply of its vaccines, adding it would set a not-for-profit price for them.

India on Thursday reported over 300,000 fresh coronavirus infections, the highest daily rise anywhere in the world, while deaths from COVID-19 also jumped by a record even as the country reported widespread shortages of medical oxygen.

Meanwhile Dr. Reddy's Laboratories, the local distributor for Russia's Sputnik V vaccines, told Reuters they would start reaching India by end-May.

Metal stocks rose 1.7%, with Tata Steel gaining 3.1% after its unit Tata Steel BSL reported a jump in quarterly net profit.

Private-sector banks rose 1.8%, with heavyweight HDFC Bank Ltd gaining 2.2%. The sub-index had fallen nearly 5% so far in April.

Media stocks were also higher, with shares of TV18 Broadcast jumping 19.4% after it reported its March-quarter profit had more than doubled.

Consumer goods stocks dropped 0.7% to fall for the third consecutive session, with Hindustan Unilever driving the losses on the benchmark index with a 2% drop.

(Reporting by Soumyajit Saha in Bengaluru; Editing by Krishna Chandra Eluri)

© Reuters 2021
Latest news "Economy & Forex"
03:32aMorrisons shares jump 30% after CD&R approach rebuffed
03:31aAustralia shares fall most in over one month on CBA plunge, hawkish Fed
03:28aTAKE FIVE : U.S. housing, the BoE and Tokyo's Olympics preparations
03:24aJapan olympics minister marukawa says asks ioc to make public the proportion of officials arriving for the olympics who have been vaccinated
03:21aOPEC ORGANIZATION OF PETROLEUM EXPORTING COU  : daily basket price stood at $71.56 a barrel Friday, 18 June 2021
03:18aMaersk VC co-leads funding round in Egyptian start-up Trella
03:18aCryptocurrencies tumble amid China crackdown on bitcoin miners
03:16aWM MORRISON SUPERMARKETS  : Tesco old boys square up in U.S. bid for Morrisons
03:15aNaspers offshoot Prosus reports earnings boost from Tencent stake
03:09aJapan's 10-year bond yield tracks Treasury yields lower amid stock sell-offs
Latest news "Economy & Forex"