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Markets

Indian shares up for third straight day; Reliance gains

  • Rival Bharti Airtel bought spectrum worth $2.55 billion, while Vodafone Idea picked up airwaves for $272.25 million.
03 Mar 2021

BENGALURU: India's main stock indexes rose for a third straight session on Wednesday, supported by gains in Reliance Industries and assurances from the government that it had enough COVID-19 vaccine doses to cover its population.

The government said on Tuesday there were plenty of COVID-19 vaccines for the country even though it has sent quantities abroad.

The NSE Nifty 50 index rose 0.88% to 15,046.55 by 0347 GMT, while the S&P BSE Sensex gained 0.8% to 50,699.74.

Reliance Industries was the top boost to the Nifty 50, gaining roughly 1% in early trade.

The conglomerate's telecoms unit Reliance Jio Infocomm won airwaves worth about $8 billion in a $10.6-billion spectrum auction that closed on Tuesday.

Rival Bharti Airtel bought spectrum worth $2.55 billion, while Vodafone Idea picked up airwaves for $272.25 million.

Airtel's shares were up 0.79% and Vodafone rose 1.32%.

In broader Asian markets, the rally lost steam, with the MSCI's broadest index of Asia-Pacific shares outside Japan slipping 0.35% as investors paused to assess volatility in both shares and bonds.