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2 Minutes Read (Reuters) – BENGALURU (Reuters) – On Monday, Indian stocks hit new highs as more COVID-19 vaccines became available, raising hopes for a long-term economic rebound. Investors are also looking for a robust corporate earnings season, which begins later this week. 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 The blue-chip NSE Nifty 50 index was up 0.64 percent at 15,822.50 by 0510 GMT, while the benchmark S&P BSE Sensex was up 0.66 percent at 52,832.21. This morning, the Nifty 50 was fewer than 100 points away from its all-time high. So far, a steady decline in COVID-19 cases, the removal of pandemic-related restrictions, and an increase in daily vaccines have increased sentiment. Investors are watching first-quarter corporate earnings, which begin on July 8 with software giant Tata Consultancy Services, to see if business activity is picking up. “We expect favorable IT earnings, and good June car sales data can give enough positive triggers,” said Narendra Solanki, head of stock research at Anand Rathi Investment Services in Mumbai. After June sales statistics, the Nifty Auto index surged 1.11 percent, with Royal Enfield maker Eicher Motors, Bajaj Auto, and Jaguar Land Rover parent Tata Motors all rising between 1.4 and 1.8 percent. Meanwhile, India’s services sector fell at its highest pace in 11 months in June. Markets, on the other hand, have factored in the impact of the PMI data shutdown, according to Solanki. HDFC Bank increased the Nifty Bank index by 0.77 percent. The leading lender’s stock rose 1.3 percent after it reported robust loan and deposit growth. Panacea Biotec’s stock jumped 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 available at a few big government hospitals by July 15. India Pesticides, an agrochemical company, saw its stock rise 18.2 percent in its first day on the market. Shivani Singh contributed reporting from Bengaluru, and Uttaresh.V. edited the piece./nRead More

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