On Wednesday, Indian stocks rose to a near three-week high, boosted by gains in financial and automaker stocks following good quarterly results, while Zomato Ltd’s top shareholder saw its stock rise after the food delivery startup filed for an IPO.

The NSE Nifty 50 index was up 0.71 percent at 14,757 at 10:37 a.m., while the benchmark S&P BSE Sensex was up 0.78 percent at 49,327.30.

Last week, both indices dropped nearly 2% as investors worried about the economic effects of a rapid rise in COVID-19 cases and deaths. Over 1.2 million new cases and 8,000 deaths were recorded in India in the week ending April 23.

“There have been some positives over the last two to three days, particularly over the weekend, such as… the United States allowing supply of COVID-19 materials and resources to India, and a drop in the number of active cases, especially in the worst-hit states like Maharashtra,” said Gaurav Garg, head of research at CapitalVia Global Research in Indore.

Investors have also turned their focus to the March quarter earnings season, with major blue-chip companies including Hindustan Unilever and conglomerate Reliance Industries expected to announce results later this week.

Meanwhile, S&P Global Ratings said the second COVID-19 wave in India poses downside risks to GDP and increases the likelihood of market disruptions, while the high number of infections poses a “major contagion risk” to other geographies.

Following an increase in its March-quarter earnings, shadow bank Bajaj Finance rose as much as 3.9 percent. On the Nifty 50, the organisation was the top gainer in terms of percentage gain.

TVS Motor Company rose as much as 17.3% after exceeding profit expectations, while its peers and Nifty 50 components Hero MotoCorp and Bajaj Auto also rose.

Following Zomato Ltd’s IPO filing, Info Edge (India), the company’s largest shareholder, saw its stock rise as much as 3%.