Indian shares rise as pharma stocks lead gains

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BENGALURU, Oct 4 (Businesshala) – Indian shares rose on Monday, as pharma stocks led a broad-based advance and the country’s top energy generator NTPC rose on reports of an initial public offering for three of its units.

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The NSE Nifty 50 index rose 0.51% to 17,618.20, while the S&P BSE Sensex was up 0.56% at 59,083.03 by 0400 GMT.

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Nifty’s pharma index was the leader in the major sub-index, with a gain of 1.38% on Monday, with Divi’s Laboratories jumping 5%.

Energy stocks rose 0.96%, led by a 2.5% rise in power generation firm NTPC Ltd.

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NTPC expects to raise $2 billion through initial public offerings across three units, Businesshala reported. Here on Sunday, citing a company official familiar with the plans.

Other Asian stock markets fell on Monday as concerns about China’s asset sector and inflationary concerns offset US data and positive news on new drugs to fight the coronavirus.

Reporting by Chandini Monappa in Bengaluru; Editing by Krishna Chandra Elurik

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