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Indian Shares Cheer PM Modi's Promise on COVID-19 Vaccines

BENGALURU, Aug 17 (Reuters) - Indian shares rose on Monday as Prime Minister Narendra Modi’s assurance on mass production of COVID-19 vaccines and more infrastructure spending by the government boosted sentiment.

The NSE Nifty 50 index was up 0.42% at 11,219.35 by 0350 GMT, while the S&P BSE Sensex was up 0.27% at 37,960.61.

“Along with mass-production, the roadmap for distribution of vaccine to every single Indian in the least possible time is also ready,” Modi said in his Independence Day speech on Saturday.

He reiterated plans to improve the country’s infrastructure by spending more than 110 trillion ($1.47 trillion) rupees on around 7000 projects.

In Mumbai trading, all major sectoral indexes were trading higher.

The Nifty Infrastructure Index advanced 0.57% in early trade, led by a 2.1% rise in conglomerate Larsen & Toubro Ltd.

Only five stocks on the Nifty 50 index were in the red early on Monday. Shares of Tata Motors Ltd and Reliance Industries Ltd slipped 2.5% and 1.2%, respectively, and were the top losers on the index.

Meanwhile, India continues to see a rise in coronavirus cases, with the tally reaching 2.65 million and deaths crossing 50,000, as of Monday.

Reporting by Chandini Monnappa in Bengaluru; Editing by ArunKoyyur

Source: Reuters

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