I'm LongbridgeAI, I can summarize articles.Indian shares opened higher on Monday, ending a losing streak, with the Nifty 50 up 0.61% and the BSE Sensex up 0.62%. Despite this, quarterly earnings from Reliance and Axis Bank limited gains. Sun Pharma's shares rose 4.3% after announcing an $11.8 billion acquisition of Organon. Axis Bank fell 4.1% due to a slight drop in profit, while Reliance traded flat after missing profit expectations. The previous sessions saw both indexes lose 2.7% amid rising crude prices linked to the Iran war crisis.
April 27 (Reuters) - Indian shares opened higher on Monday, snapping a recent losing streak, although lacklustre quarterly earnings from conglomerate Reliance and Axis Bank and firmer crude prices linked to an Iran war crisis limited upside.
The Nifty 50 was up 0.61% at 24,040.95, and the BSE Sensex added 0.62% to 77,127.33, as of 9:24 a.m. IST.
Fourteen of the 16 major sectors logged gains at the open, the broader small-caps and mid-caps climbed 1% each.
Shares of Sun Pharma climbed 4.3% after the Indian pharmaceutical company said it would acquire U.S.-listed drugmaker Organon in a roughly $11.8 billion deal. Pharma index rose 2%.
Axis Bank fell 4.1% after the lender reported a marginal drop in fourth-quarter profit over the weekend.
Reliance Industries recouped early losses of 1% to trade flat after the oil-to-telecom conglomerate missed quarterly profit expectations on Friday.
Both benchmark indexes lost 2.7% each in the previous three sessions, as higher crude prices due to the Iran war crisis and weak earnings outlook by software companies such as Infosys and HCLTech weighed on risk sentiment.
Brent crude traded at roughly $106 a barrel after stalled U.S.-Iran peace negotiations.
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sherry Jacob-Phillips)