INSUBCONTINENT EXCLUSIVE:
Stock Market Updates: HDFC Bank, ICICI Bank and HDFC were the biggest contributors to the gain in Sensex
Domestic stock markets soared to new record highs on Tuesday as investors applauded progress in the development of
a coronavirus vaccine which lifted confidence in a world economic recovery
The S-P BSE Sensex index391.4 points - or 0.92 per cent - higher at42,988.83, and the broader NSE Nifty 50 benchmark began the day
at12,566.75, up 105.7 points - or 0.85 per cent - from its previous close
Those marked the highest intraday levels ever for both indices, led by gains in banking and financial servicesshares
contributors to the gain in Sensex.US-based drug maker Pfizer said its COVID-19 vaccine, developed with German partner BioNTech SE, was more
than 90 per cent effective in preventing infection, marking the first successful results from a large-scale clinical trial
one-day percentage gain in five months
However, some analysts sounded caution over the speed in which the vaccine could be implemented."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."Investors hoped that the vaccine would help the
travel and hospitality sectors return to normalcy after facing restrictions because of the coronavirus lockdowns, he added.Investors also
turned their focus to elections in Bihar, where the ruling NDA surged ahead of the opposition alliance of Rashtriya Janata Dal, the Congress
and Left parties.Brazil's health regulator said on Monday it had suspended clinical trials for China's Sinovac coronavirus vaccine after
adverse effects had emerged.Japan's Nikkei 225 rose 1.1 per cent after reaching a 29-year high in early trade
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.12 per cent
Airline, travel and tourism stocks across Asia were beneficiaries of the optimism prompted by the vaccine announcement.
