Updates from the world of economy, markets, and finance

The benchmark stock indices opened the day on a  positive note boosted by the Centre’s revised vaccine policy.

Join us as we follow the top business news through the day.

Indian shares edge up as govt offers free COVID-19 vaccines to adults

A positive start to the day for stocks.

Reuters reports: "Indian shares edged up on Tuesday, extending gains from a record high close in the previous session, as the government offered free COVID-19 vaccines to all adults, boosting sentiment as parts of the country ease restrictions.

The blue-chip NSE Nifty 50 index rose 0.09% to 15,765.55 and the benchmark S&P BSE Sensex was up 0.11% at 52,384.61 by 0352 GMT.

Both the indexes closed at a record high on Monday, bolstered by hopes that the economy would pick up as some states eased COVID-19 lockdowns.

India will provide free COVID-19 vaccines to all adults, Prime Minister Narendra Modi said on Monday after markets closed, in an effort to rein in a pandemic that has killed hundreds of thousands.

Technology stocks boosted the Nifty 50 index, with software services firms Infosys Ltd and Tata Consultancy Services Ltd rising 1.1% and 0.8%, respectively.

The Nifty IT index was up 1.1%, hitting a record high and leading gains among other subindexes.

Daily COVID-19 cases in India have been on a downward trend since early May, with data from the health ministry on Tuesday showing 86,498 infections in the last 24 hours, the lowest in 66 days."

Hyatt suspends operations at Hyatt Regency, Mumbai

Global hospitality firm Hyatt Hotels Corporation has suspended operations at Hyatt Regency hotel in Mumbai, and said the property will remain closed till further notice.

“As a result of no funds forthcoming from Asian Hotels (West) Ltd, the owner of Hyatt Regency Mumbai, to sustain the operations of the hotel, a decision has been taken to temporarily suspend all operations for Hyatt Regency Mumbai,” Sunjae Sharma, Vice President and Country Head – India, Hyatt said in response to a query from PTI.

The hotel will remain closed until further notice, he added.

Mr. Sharma, however, did not provide any details on since when funds have not been forthcoming.

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