Sensex, Nifty edge higher as pharma stocks gain

The NSE Nifty 50 index was up 0.36% at 14,363.20, while the S&P BSE Sensex was 0.35% higher at 48,052.45. Each index fell more than 3% on Monday, making it their second worst day in 2021.

Indian shares rose on Tuesday after a bruising coronavirus-led decline in the last session, as beaten-down banking stocks gained and drug companies climbed due to a vaccine approval. The NSE Nifty 50 index was up 0.36% at 14,363.20, while the S&P BSE Sensex was 0.35% higher at 48,052.45. Each index fell more than 3% on Monday, making it their second worst day in 2021. Indian regulatory approval for Russia's Sputnik V COVID-19 vaccine sent shares in local partner Dr Reddy's Labs up as much as 3%. Cipla and Sun Pharma, which sell COVID-19 medication, continued to gain amid a surge in domestic infections.