Indian shares gain on tech boost, Asian rebound; Cadila jumps

The Bombay Stock Exchange building is seen from a facade in Mumbai, India, May 16, 2018. REUTERS/Francis Mascarenhas/Files

BENGALURU (Reuters) – Indian shares rose on Monday, buoyed by technology stocks and a rebound in Asian markets, while Cadila Healthcare jumped nearly 8% after the drugmaker’s COVID-19 vaccine was approved for emergency use by the country.

By 0353 GMT, the blue-chip NSE Nifty 50 index was up 0.63% at 16,553.80, while the benchmark S&P BSE Sensex rose 0.66% to 55,695.84. The indexes had lost 0.71% and 0.54% on Friday.

The Nifty IT index jumped 1.40%, while pharma stocks rose 1.2%, led by Cadila. India’s drug regulator on Friday granted emergency use approval for the company’s DNA COVID-19 vaccine — the world’s first such shot against the novel coronavirus — in adults and children above 12 years.

Meanwhile, Asian shares bounced as a wave of bargain hunting swept beaten-down markets and China reported no new locally acquired COVID-19 cases for the first time since July.

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