Indian shares rise after sharp virus-led decline; drug firms jump

Bengaluru: Indian shares rose on Tuesday after a bruising coronavirus-led decline in the last session, as beaten-down banking stocks gained and drug companies climbed due to a vaccine approval.

The NSE Nifty 50 index was up 0.36% at 14,363.20, while the S&P BSE Sensex was 0.35% higher at 48,052.45. Each index fell more than 3% on Monday, making it their second worst day in 2021.

Indian regulatory approval for Russia's Sputnik V Covid-19 vaccine sent shares in local partner Dr Reddy's Labs up as much as 3%. Cipla and Sun Pharma, which sell Covid-19 medication, continued to gain amid a surge in domestic infections.

State-run banks gained 2.4% and were among the top sectoral gainers. The index had dropped 9% in the previous session.

IT services consultancy TCS fell more than 3% after its March-quarter profit missed analysts' estimates.

Meanwhile, India's retail inflation accelerated to a four-month high in March on higher food and transport costs, data showed on Monday.