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

  • Reuters
  • Stock Market News
CORRECTED-Indian shares end higher as investors look beyond record virus surge (April 22)
Credit: © Reuters.

(Corrects organisation in paragraph 3 to "IDBI Capital", not "IDBI bank")

By Soumyajit Saha

BENGALURU, April 22 (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 .NSEI rose 0.77% to 14,406.15 at close, while the S&P BSE Sensex .BSESN 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 (NYSE: PFE ) PFE.N 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. 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. Dr. Reddy's Laboratories REDY.NS , the local distributor for Russia's Sputnik V vaccines, told Reuters they would start reaching India by end-May. stocks .NIFTYMET rose 1.7%, with Tata Steel TISC.NS gaining 3.1% after its unit Tata Steel BSL TATS.NS reported a jump in quarterly net profit. banks .NIFPVTBNK rose 1.8%, with heavyweight HDFC Bank Ltd HDBK.NS gaining 2.2%. The sub-index had fallen nearly 5% so far in April.

Media stocks .NIFTYMED were also higher, with shares of TV18 Broadcast TVEB.NS jumping 19.4% after it reported its March-quarter profit had more than doubled. goods stocks .NIFTYFMCG dropped 0.7% to fall for the third consecutive session, with Hindustan Unilever HLL.NS driving the losses on the benchmark index with a 2% drop.

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