Indian Shares Rise, SBI Holds Gains, COVID19 Cases Decline


Indian shares rose on Monday as heavyweight State Bank of India continued to climb following its quarterly results last week, and the countrys daily COVID19 cases stayed below the 300,000mark for more than a week.

The bluechip NSE Nifty 50 index was up 0.33 at 0.33 at 15,222.40 by 0459 GMT, while the benchmark SP BSE Sensex rose 0.38 at 50,706.87. Both the indexes rose more than 3 last week.

The Nifty PSU bank index advanced the most among subindexes early on Monday, rising 2.3. State Bank of India boosted the index, gaining as much as 4.5.

Aiding sentiment, data from the health ministry showed daily cases of the novel coronavirus in India stayed below the 300,000 for the eighth straight day on Monday, well below a record of more than 414,000 earlier this month.

Shares of Natco Pharma jumped 20 after the drug maker on Friday began phase III clinical trials of Molnupiravir capsules For COVID19 treatment.

In the broader Asian markets, shares got off to a cautious start as investors awaited key U.S. inflation readings for guidance on monetary policy, while Bitcoin took a hammering after China cracked down on mining and trading of the cryptocurrency. MKTSGLOB

Reporting by Rama Venkat in Bengaluru; editing by Uttaresh.V

Source Reuters


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