Sensex rallies over 270 points to 38,300 in opening trade, Nifty nears 11,300-level
Defence stocks rose in early trade after India said it will stop importing 101 items of military equipment in an effort to boost domestic defence production.Updated: Aug 10, 2020 09:50 IST
Indian shares rose and the Nifty 50 index gained for a fifth straight session on Monday, helped by gains in Cipla Ltd after the drugmaker posted a 21% jump in quarterly profit.
The NSE Nifty 50 index rose 0.69% to 11,297.95 by 0350 GMT, while the S&P BSE Sensex was 0.76% higher at 38,829.77.
In Mumbai trading, shares of Cipla Ltd rose as much as 6.6% to a record high and was the top gainer on the Nifty 50 index after it logged strong results on Friday.
Reliance Industries Ltd rose over 0.5% after a report said Saudi Aramco was still working on a deal to buy a stake in the conglomerate.
Defence stocks rose in early trade after India said it will stop importing 101 items of military equipment in an effort to boost domestic defence production.
Shares of defence equipment manufacturers Bharat Electronics and Hindustan Aeronautics Ltd rose as much as 10% each.
Meanwhile, India reported another record daily jump of more than 64,000 coronavirus infections on Sunday, bringing the total to 2.15 million.