Indian shares gain as daily COVID-19 cases hit over one-month low

The Bombay Stock Exchange (BSE) building is pictured next to a police van in Mumbai, India, August 24, 2015. REUTERS/Danish Siddiqui

Indian shares rose on Tuesday as the country reported its lowest daily rise in COVID-19 infections in more than a month, with sentiment aided by Asian markets that tracked a strong finish on Wall Street.

The blue-chip NSE Nifty 50 index gained 0.43% to 15,261.55 by 0512 GMT, while the benchmark S&P BSE Sensex was 0.29% higher at 50,794.57.

Software services giants Infosys Ltd and Tata Consultancy Services were the top boosts to the Nifty 50, gaining 1.33% and 1.41%, respectively.

“Upbeat global cues and receding new COVID-19 cases trend have triggered a strong start and rotational buying across sectors is further fuelling the momentum,” said Ajit Mishra, vice president of research at Religare Broking.

Investors’ appetite has been aided by a steady decline in daily COVID-19 cases in India. The country on Tuesday posted 196,427 new infections over the last 24 hours, its lowest daily rise since April 14, while deaths rose by 3,511.

Among other notable stock gains, restaurant chain Barbeque-Nation rose as much as 9.4% on strong March-quarter results.

In the broader Asian markets, shares climbed after a Wall Street rally overnight, while the dollar held near a fourth-month low as investors tempered fears about inflation-driven rate hikes. [MKTS/GLOB]

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