Sensex, Nifty rebound from virus-led slump as government ramps up vaccinations
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BENGALURU - Indian shares rebounded from a virus-led slump to open higher on Tuesday, as auto and state-owned bank stocks jumped, and as the government ramped up vaccinations to counter a stubborn surge in COVID-19 cases.
The NSE Nifty 50 index rose 1.1% to 14,511.35 by 0355 GMT, while the S&P BSE Sensex climbed 1% to 48,426.06.
The Indian government said on Monday it would let all citizens over the age of 18 have COVID-19 vaccinations from May 1, and would waive customs duty on vaccine imports as the country's healthcare system struggles with a surge in infections.
The country also approved a 45.67-billion-rupee ($610 million) grant for vaccine makers Serum Institute of India and Bharat Biotech to boost production capacity, while sources told Reuters the government was hopeful that the United States will soon lift a ban on vaccine raw materials.
State-owned banks led the gains among sectors as it jumped 2.5% at open. The index snapped a three-session losing streak.
Auto stocks rose 1.9%, with Mahindra and Mahindra adding 2.7%.
Dr. Reddy's Laboratories was the top gainer on the benchmark index, as pharmaceutical stocks rose 1.2% amid rising demand for medical supplies and testing services.
