Indian shares inched higher on Wednesday, with pharma stocks leading the rise after the country approved a COVID-19 pill, although gains were limited by year-end portfolio adjustments.

India has approved Merck’s COVID-19 pill and two more vaccines for emergency use as the world’s second most populous country braces for a possible spike in coronavirus cases due to the rapidly spreading Omicron variant.

The NSE Nifty 50 index was up 0.18% at 17,260 by 9:38 am and the benchmark S&P BSE Sensex rose 0.1% to 57,967.36. The Nifty pharma index was the top gainer, rising 0.7%.

India’s market regulator on Tuesday strengthened rules for companies going public, potentially slowing some planned new issues, as it seeks to protect retail investors after a record year of initial public offerings (IPOs).