Author: Don Obrien

Indian shares rise as pharma stocks lead gains

A general view of the Bombay Stock Exchange (BSE), after Sensex surpassed the 60,000 level for the first time, in Mumbai, India, September 24, 2021. REUTERS/Francis Mascarenhas

BENGALURU, Oct 4 (Reuters) – Indian shares rose on Monday, as pharma stocks led a broad-based advance and the country’s top energy generator NTPC rose on reports of an initial public offering for three of its units.

The NSE Nifty 50 index (.NSEI) rose 0.51% to 17,618.20, while the S&P BSE Sensex (.BSESN) was up 0.56% at 59,083.03 by 0400 GMT.

Nifty’s pharma index advanced the most among major sub-indexes, adding 1.38% early on Monday, led by a 5% jump in Divi’s Laboratories (DIVI.NS).

Energy stocks (.NIFTYENR) advanced 0.96%, led by a 2.5% rise in power generation firm NTPC Ltd (NTPC.NS).

NTPC expects to raise $2 billion via initial public offerings in three units, Bloomberg reported on Sunday, citing a company official familiar with the plans.

Other Asian share markets dipped on Monday as concerns about China’s property sector and inflation worries offset upbeat U.S. data and positive news on new drugs to fight the coronavirus.

Reporting by Chandini Monnappa in Bengaluru; Editing by Krishna Chandra Eluri

Our Standards: The Thomson Reuters Trust Principles.

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