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Friday, July 3, 2020

Indian stocks inch higher as pharma, financial stocks surge

The NSE Nifty 50 index rose 0.51 per cent to 10,303 by 0346 GMT, while the benchmark S&P BSE Sensex was up 0.55 per cent at 34,922.50.
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India shares edged higher on Monday, with a positive tone to global stock markets and gains for pharmaceutical and financial companies outweighing the impact of a record surge in domestic coronavirus cases.

The NSE Nifty 50 index rose 0.51 per cent to 10,303 by 0346 GMT, while the benchmark S&P BSE Sensex was up 0.55 per cent at 34,922.50.

The Nifty Pharma index surged 2.5 per cent, while the bank index rose 1.2 per cent.

Shares of Cipla Ltd rose 7.5 per cent and was a top boost to the Nifty 50 index after India’s drug regulator gave green light to manufacture and market their generic version of Gilead Sciences Inc’s experimental Covid-19 treatment remdesivir.

Shares of Glenmark Pharmaceuticals Ltd spiked nearly 10per cent after the drugmaker on Friday received Indian regulatory approval to make and sell oral antiviral drug favipiravir for treating mild-to-moderate Covid-19 infections in the country.

The Nifty finished 2.72 per cent higher last week, while the Sensex closed up 2.81 per cent. Meanwhile, US stock futures erased losses and Asian stocks held flat on Monday.

Indian shares closed higher on Friday, boosted by a sharp rise in Reliance shares after the oil-to-telecoms conglomerate said it was net-debt free, helping investors briefly shift focus from rising coronavirus infections and border tensions with China.

The NSE Nifty 50 index closed up 1.51 per cent at 10,244.40 and the benchmark S&P BSE Sensex ended 1.53 per cent higher at 34,731.73. For the week, the Nifty finished 2.72 per cent higher and the Sensex closed up 2.81 per cent.

Shares of Reliance Industries Ltd settled 6.25 per cent higher, a record high following the company’s announcement of being net-debt free after raising over 1.69 trillion rupees ($22.15 billion) over the last few weeks through stake sales in its digital arm and a rights issue.

Financial stocks rallied, with the Nifty PSU Bank index tracking state-owned lenders closing 2.23 per cent higher, while the Nifty Private Bank index settled up 1.45 per cent.The Nifty realty index, which tracks real estate firms, jumped 6.4 per cent and the Nifty Energy index closed up nearly 3.65 per cent, the highest close since February 25.

The Indian rupee is currently quoting at 76.18 against the US dollar, to quote at Dh20.75. The domestic currency settled 6 paise lower at 76.20 (provisional) against the US dollar on Friday as strengthening of the US currency and rising Covid-19 cases weighed on investor sentiment. – With inputs from Reuters, business@khaleejtimes.com

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