Sensex, Nifty Updates: Each index fell more than three per centon MondayIndiansharesrebounded on Tuesday after a bruising coronavirus-led tumble in the previous session, as beaten-down financial stocks gained and metal stocks benefited from a jump in commodity prices.
A severe second wave of the novel coronavirus inIndiahas threatened to disrupt the country's nascent economic recovery and dragged its main stock indexes from record highs hit in February.
Still, investors are looking ahead to corporate earnings that began on Monday with software services major TCS reporting a rise in March-quarter profit.The NSE Nifty 50 index was up 1.29 per centat 14,491.05at 2:41 pm, while the S-P BSE Sensex was 1.29 per centhigher at 48,502.18.
Each index fell more than three per centon Monday, as the hardest-hit, economically important state of Maharashtra contemplated a lockdown.Indiareported more than 160,000 new cases on Tuesday, although the figure was slightly lower from Monday.
Maharashtra, home to financial hub Mumbai, also saw a downtick."The market is feeling that a lockdown might just be avoided, especially as cases are slightly slowing down in Maharashtra and Mumbai," said A.K.
Prabhakar, head of research at IDBI Capital in Mumbai.State-run banks gained 2.7 per centand were among the top sectoral gainers.
The index had dropped 9% in the previous session.
Metal stocks advanced 2.8 per centafter benchmark iron ore prices surged on falling supplies from major miners and strong demand.Indian regulatory approval for Russia's Sputnik V COVID-19 vaccine sentsharesin local partner Dr Reddy's Labs up as much as three per cent, but it reversed course and was last down 3.6 per cent.
Its pharmaceutical peers, many of which sell COVID-19 medication, also fell after strong gains in the last few days.IT services stocks fell 1.5 per cent.Heavyweight TCS fell 3.6 per centas investors locked in gains from the stock's 10 per centjump this year.