Markets end lower as banks drag; Gland Pharma jumps 10% on vaccine deal

The NSE Nifty 50 index fell 0.1% to 14,910.45, while the S&P BSE Sensex ended flat at 50,363.96. The Nifty and the Sensex had earlier risen as much as 0.8% and 0.9%, respectively.

Indian shares gave up early gains to close lower on Tuesday, dragged down by losses in financial stocks, while Gland Pharma jumped as much as 10% after it struck a deal to supply up to 252 million Sputnik V vaccine doses. The NSE Nifty 50 index fell 0.1% to 14,910.45, while the S&P BSE Sensex ended flat at 50,363.96. The Nifty and the Sensex had earlier risen as much as 0.8% and 0.9%, respectively. Investors in Indian equities have trimmed their positions this month due to a resurgence in domestic COVID-19 infections and rising U.S. bond yields, bringing the monthly gains so far to just about 3% compared with a 6.6% jump in February.