India’s stock market hits record high, Sensex crosses 43,000

Staff reporter/Dubai
Filed on November 10, 2020
A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, India. - Reuters

Investors hoped that the vaccine would help the travel and hospitality sectors return to normalcy.

The Indian equity indices scaled new highs on Tuesday in line with a positive trend in the global markets after pharmaceutical major Pfizer said its experimental Covid-19 vaccine was more than 90 per cent effective based on initial trial results.

Around 11.05 am (India time), Sensex was trading at 43,083.74 points, higher by 498.8 points or 1.14 per cent from its previous close of 42,597.43.

Sensex opened at 42,959.25 points in the morning on Tuesday.

The Nifty50 on the National Stock Exchange was trading at 12,586.05, higher by 125.00 points or 1.00 per cent from the previous close.

Healthy buying was witnessed in banking, finance, capital goods and oil and gas stocks.

MSCI's broadest index of Asia-Pacific shares outside Japan was 0.12 per cent higher on news that Pfizer Inc's experimental Covid-19 vaccine showed over 90 per cent effectiveness based on initial trial results.

The US drugmaker's Indian arm Pfizer Ltd gained as much as 19.8 per cent during the session.

“The vaccine news is a big relief for markets and investors are hoping that the economic recovery will take place sooner,” said Samrat Dasgupta, chief executive officer at Esquire Capital Investment Advisors.

“However, the next six months will be crucial as we see more developments on the vaccine.”

Stocks of IndiGo owner InterGlobe Aviation rose 5.3 per cent, while hotel operators EIH Ltd and Lemon Tree jumped more than 5 per cent each.

Investors hoped that the vaccine would help the travel and hospitality sectors return to normalcy after facing restrictions because of the coronavirus lockdowns, Esquire Capital’s Dasgupta said.

(With inputs from Reuters, IANS)

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