Staff of Reuters Read for 2 minutes Reuters, BENGALURU, July 5 – On Monday, Indian markets began the week higher, with financial companies leading the way, as lowering COVID-19 cases and signs of increased vaccine availability bolstered optimism for a sustainable reopening of the economy. The blue-chip NSE Nifty 50 index and the benchmark S&P BSE Sensex were both up 0.43 percent at 15,790.70 and 52,711.21 by 0347 GMT. Last week, both indexes lost 0.87 percent. Top lenders HDFC Bank and Axis Bank increased the Nifty Bank index by 0.74 percent. 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 is expected to arrive in India this week, according to the Economic Times, and will be available at a few key government hospitals by July 15. Meanwhile, Bharat Biotech of India announced over the weekend that its COVAXIN vaccine showed 93.4 percent efficacy in late-stage studies against severe COVID-19. Investors are now waiting for the Markit composite and services PMI (Purchasing Managers Index) data, which will be released later in the day. The Markit composite and services PMI is an indicator that helps predict economic trends in the fast increasing services sector. Avenue Supermarts, which owns DMart, surged 2.4 percent after the grocery chain reported a 31 percent increase in June-quarter revenue, while India Pesticides, an agricultural company, jumped 18.2 percent in its market debut. After a positive jobs report in the United States, Asian markets extended their surge, pushing global shares to new highs. (Bengaluru-based reporter Shivani Singh contributed to this report; Uttaresh.V edited it.)/n
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