BENGALURU: Indian shares rose on Monday, buoyed by technology stocks and a rebound in Asian markets, while Cadila Healthcare jumped nearly 8% after the drugmaker's COVID-19 vaccine was approved for emergency use by the country.

By 0353 GMT, the blue-chip NSE Nifty 50 index was up 0.63% at 16,553.80, while the benchmark S&P BSE Sensex rose 0.66% to 55,695.84. The indexes had lost 0.71% and 0.54% on Friday.

The Nifty IT index jumped 1.40%, while pharma stocks rose 1.2%, led by Cadila. India's drug regulator on Friday granted emergency use approval for the company's DNA COVID-19 vaccine - the world's first such shot against the novel coronavirus - in adults and children above 12 years.

Indian shares fall as banking stocks, Tata Steel drag

Meanwhile, Asian shares bounced as a wave of bargain hunting swept beaten-down markets and China reported no new locally acquired COVID-19 cases for the first time since July.