Indian shares gain on pharma stocks boost

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 (.NSEI) was up 0.09 per cent at 16,577.80 and the benchmark S&P BSE Sensex (.BSESN) climbed 0.09 per cent to 55,635.47.

The Nifty pharma index (.NIPHARM) gained 0.86 per cent. Suven Life Sciences (SUVP.NS) rose 7.1 per cent after announcing a late-stage trial for its treatment of aggression in Alzheimer’s type dementias. The Nifty IT index (.NIFTYIT) jumped 1.06 per cent.

Shares of auto parts maker Fiem Industries (FIIN.NS) surged 16.7 per cent 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.