People walk past the Bombay Stock Exchange (BSE) building in Mumbai, India, March 9, 2020. REUTERS/Francis Mascarenhas/File photo
BENGALURU, November 26 (Reuters) - Indian shares rose on Thursday after a sharp drop in the last session, as drug and automotive stocks advanced against a backdrop of improving economic outlook for the year ahead.
The NSE Nifty 50 index was up 0.32% at 12,899.50 by 0400 GMT, while the S&P BSE Sensex was 0.33% higher at 43,973.27. Both indexes had hit record highs on Wednesday before settling more than 1.5% lower.
Construction group Larsen & Toubro and automaker Mahindra and Mahindra were among the top boosts to the Nifty 50. The Nifty pharmaceuticals index climbed 1% and was among the top sectoral gainers.
India's economy is expected to recover early next year from recession, but at a modest pace, according to a majority of economists in a Reuters poll who said their upgraded growth predictions were based on the progress of COVID-19 vaccines.
Other Asian stock markets were also trading higher on vaccine optimism and prospects of more economic stimulus under the incoming Biden administration in the United States.
