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Staff of Reuters 2 minutes Read FILE PHOTO: On December 11, 2018, a broker responds while trading at his computer station at a stock brokerage business in Mumbai, India. FILE PHOTO: REUTERS/Francis Mascarenhas (Reuters) – BENGALURU (Reuters) – On Monday, Indian stocks finished a few points short of new highs, buoyed by robust gains in financials and the prospect of a long-term economic revival thanks to the increased availability of COVID-19 vaccines. The blue-chip NSE Nifty 50 index finished 0.71 percent higher at 15,834.35 points, while the benchmark S&P BSE Sensex finished 0.75 percent higher at 52,880 points. The Nifty 50 is on track to recover from last week’s 0.87 percent loss. Both indexes hit new highs last month, thanks to a continuous decline in COVID-19 instances, the lifting of pandemic-related restrictions, and an increase in daily immunizations. With Tata Consultancy Services, a software services major, scheduled to disclose first-quarter profits on July 8, investors are hoping for a positive reaction. The Nifty Bank index rose 1.16 percent, powered by HDFC Bank, India’s largest private lender. After reporting excellent increase in loans and deposits, the lender’s stock ended 1.1 percent higher. The Nifty PSU Bank index ended the day 0.93 percent higher as well. On June sales statistics, shares of top automakers including as Royal Enfield producer Eicher Motors, Bajaj Auto, and Jaguar Land Rover parent Tata Motors closed between 0.4 percent and 1.7 percent higher, helping the Nifty Auto index conclude 0.57 percent higher. Panacea Biotec’s stock jumped as much as 9% after the biotechnology company received approval from India’s medicines authority to manufacture the Russian Sputnik V vaccine. Moderna’s COVID-19 vaccine, according to the Economic Times, is expected to be offered at a few big government hospitals in India by July 15. India Pesticides’ stock rose as much as 24.3 percent to 368 rupees in its first day on the market. Concerns about the Delta variant of COVID-19 countered good sentiment from growing euro zone business activity and a U.S. jobs report signaling an intact economic recovery on Monday, with global markets lingering near record highs. [MKTS/GLOB] Shivani Singh contributed reporting from Bengaluru, and Shailesh Kuber edited the piece./nRead More

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