BENGALURU, Sept 2 (Reuters) - Indian shares rose on Thursday, on gains in pharmaceutical and metal stocks, and optimism around economic recovery, while state-run Coal India fell amid reports of coal shortages.
"Broadly, the surge we are seeing in market is led by positive global cues (dovish U.S. Federal Reserve). Even in the domestic (market), sectors have turned supportive with the rise in pace of vaccinations," said Ajit Mishra, vice president for research at Religare Broking.
This indicates the path of economic recovery is clear, which is reflecting in the stock market, Mishra added.
The Nifty Pharma index (.NIPHARM) climbed 1.07% and was a top gainer among sub-indexes. It has risen 3.68% so far this week after jumping 1.73% in the previous week.
Separately, the company is replacing its diesel-engine trucks used in mines with liquefied natural gas kits to cut its carbon footprint and save fuel costs, a government statement said on Wednesday.
Mahindra and Mahindra (MAHM.NS) fell as much as 1.5% after the carmaker said it expects vehicle production at its automotive division to reduce by 20%-25% this month due to semiconductor shortages. read more
In the boader Asian market, shares were cautious on growing concerns over the Chinese economy — the world's second-largest.
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