Staff of Reuters Read for 2 minutes On February 1, 2020, a broker reacts while trading at his computer station at a stock brokerage firm in Mumbai, India. FILE PHOTO: REUTERS/Francis Mascarenhas (Reuters) – BENGALURU (Reuters) – On Wednesday, Indian markets surged, boosted by automakers and information technology sectors, while drugmaker Cipla rose after receiving regulatory approval to import Moderna’s COVID-19 vaccine. By 0354 GMT, the blue-chip NSE Nifty 50 index had gained 0.34 percent to 15,801.80, while the benchmark S&P BSE Sensex had risen 0.36 percent to 52,741.22. After momentarily climbing record highs on the strength of reducing COVID-19 instances, easing of pandemic-induced restrictions, and a rise in vaccines, markets have failed to maintain momentum this week. The Nifty Auto index rose 0.59 percent on Wednesday, boosted by increases in automaker companies a day before their monthly sales. The biggest percentage gainer on the Nifty 50 was Maruti Suzuki India, which surged 1.7 percent. The Nifty IT index increased by 0.48 percent. Over the next two weeks, IT behemoths Tata Consultancy Services and Infosys will kick off India’s first-quarter results season. Cipla’s stock increased by as much as 1.8 percent. According to a senior government official, the pharmaceutical has acquired regulatory authorisation to distribute partner Moderna’s COVID-19 vaccine in India. Merck & Co’s investigational anti-viral medication for moderate COVID-19 will be tested in a clinical trial in India by five Indian drugmakers. Reliance Industries, a conglomerate, gained 0.3 percent. The corporation has agreed to establish a multibillion-dollar chemical facility in Ruwais with Abu Dhabi National Oil Co. In global markets, the Nasdaq index on Wall Street hit a new high, boosted by increased consumer confidence in an economic recovery, while Asian stocks also rose. [MKTS/GLOB] Anuron Kumar Mitra in Bengaluru contributed reporting, and Uttaresh.V edited the piece.
