BENGALURU: Indian shares ended more than 1% higher on Tuesday after the government moved to fast-track approvals for foreign COVID-19 vaccines, with beaten-down financial stocks leading the gains. India is to fast-track emergency approvals for shots already approved in Western countries and Japan, paving the way for possible imports of Pfizer, Johnson & Johnson, Novavax and Moderna vaccines.

The news comes as the country battles a massive second wave of the virus that has spurred fresh restrictions in some parts and threatened to derail a nascent economic recovery. The NSE Nifty 50 index closed 1.36% higher at 14,504.80 and the S&P BSE Sensex ended 1.38% higher at 48,544.06, rebounding after surging infections pushed the indexes to their second-worst session this year on Monday.