Indian stocks win over autos and technology; Cipla gets up

BENGALURU, June 30 (Reuters) – Indian stocks rose on Wednesday, helped by automakers and information technology stocks, as drugmaker Cipla climbed after getting a regulatory green light to import the vaccine COVID-19 from its partner Moderna.

The blue chip NSE Nifty 50 (.NSEI) rose 0.34% to 15,801.80 and the benchmark S&P BSE Sensex (.BSESN) gained 0.36% to 52,741.22 at 0354 GMT.

Markets have struggled to gain momentum this week after briefly hitting record highs due to drop in COVID-19 cases, the easing of pandemic-induced restrictions and an increase in vaccinations .

Gains in automaker stocks a day ahead of their monthly sales on Wednesday supported markets, with the Nifty Auto Index (.NIFTYAUTO) gaining 0.59%. Maruti Suzuki India (MRTI.NS) was up 1.7% and was the best winning percentage over the Nifty 50.

The Nifty IT Index (.NIFTYIT) added 0.48%. IT majors Tata Consultancy Services (TCS.NS) and Infosys (INFY.NS) will kick off India’s Q1 earnings season in the coming weeks.

Cipla (CIPL.NS) rose 1.8%. The drugmaker has received regulatory approval to distribute the COVID-19 vaccine from its partner Moderna (MRNA.O) in India, a senior government official said on Tuesday. Read more

The company is also among five Indian drug makers who will jointly conduct a clinical trial in the country for Merck & Co’s investigational antiviral drug (MRK.N) to treat mild COVID-19.

The conglomerate Reliance Industries (RELI.NS) rose 0.3%. The company has signed an agreement with Abu Dhabi National Oil Co to build a multibillion-dollar chemical project in Ruwais. Read more

In global markets, the Wall Street Nasdaq Index closed at a record high, helped by growing consumer confidence in an economic recovery, with Asian stocks also registering gains.

Report by Anuron Kumar Mitra in Bengaluru; edited by Uttaresh.V

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