Sensex, Nifty settle higher on pharma boost
Photo Credit: Reuters

Indian shares ended higher on Monday, as a slew of upbeat pharma earnings reports and a rally in defence stocks helped investors momentarily shift focus from rising coronavirus cases.

In Mumbai trading, all 11 major sectoral indexes settled higher. The Nifty Pharma index advanced the most, rising 6.13% to a four-year high.

The blue-chip NSE Nifty 50 index, which climbed 1.1% during the session, closed 0.5% higher at 11,270.15, while the S&P BSE Sensex ended up 0.37% at 38,182.08.

Robust quarterly results helped Divi's Laboratories Ltd and Cipla Ltd scale record highs, closing 12.06% and 9.48% higher, respectively.

Defence stocks rallied on Monday after the government said it would stop importing 101 items of military equipment in an effort to boost domestic defence production.

Shares of defence equipment manufacturers Bharat Electronics, Hindustan Aeronautics Ltd closed up 9.12% and 8.06%, respectively.

On the Nifty 50, conglomerate Reliance Industries Ltd and Eicher Motors Ltd were among the biggest drags.

Shares of Reliance Industries which has rallied 142% since late March, settled 1.2% lower after rising as much as 0.9% earlier in the day. Eicher Motors closed down 2.2%.

Meanwhile, coronavirus cases in the world's second-most populous country jumped to more than 2.2 million by Monday morning, including 44,386 deaths, health ministry data showed.

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