June 22, 2020 / 4:10 AM / 23 days ago

Indian stocks inch higher as pharma, financial stocks surge

BENGALURU, June 22 (Reuters) - India shares edged higher on Monday, with a positive tone to global stock markets and gains for pharmaceutical and financial companies outweighing the impact of a record surge in domestic coronavirus cases.

The NSE Nifty 50 index rose 0.51% to 10,303 by 0346 GMT, while the benchmark S&P BSE Sensex was up 0.55% at 34,922.50.

The Nifty Pharma index surged 2.5%, while the bank index rose 1.2%.

Shares of Cipla Ltd rose 7.5% and was a top boost to the Nifty 50 index after India’s drug regulator gave green light to manufacture and market their generic version of Gilead Sciences Inc’s experimental COVID-19 treatment remdesivir.

Shares of Glenmark Pharmaceuticals Ltd spiked nearly 10% after the drugmaker on Friday received Indian regulatory approval to make and sell oral antiviral drug favipiravir for treating mild-to-moderate COVID-19 infections in the country.

The Nifty finished 2.72% higher last week, while the Sensex closed up 2.81%.

Meanwhile, U.S. stock futures erased losses and Asian stocks held flat on Monday. (Reporting by Nallur Sethuraman in Bengaluru; Editing by Anil D’Silva)

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