Sensex, Nifty hit record high as country approves COVID-19 vaccines

Sensex, Nifty hit record high as country approves COVID-19 vaccines
Courtesy: Getty Images
Published on

India is expected to start a massive immunisation program within about a week.

Indian shares hit record highs on Monday to kick off the first trading week of the new year, after the country gave emergency use approvals to two coronavirus vaccines over the weekend, lifting investor sentiment.

The blue chip NSE Nifty 50 index rose 0.50% to 14,087.95 and the benchmark S&P BSE Sensex rose 0.43% to 48,077.13 by 0347 GMT.

India's drugs regulator on Sunday approved for emergency use two coronavirus vaccines – one developed by AstraZeneca and Oxford University and the other by local company Bharat Biotech.

The country, which has the second-highest number of coronavirus infections in the world, is expected to start a massive immunisation program within about a week.

The Nifty gained nearly 15% in 2020, its best year since 2017, while the Sensex gained 15.75%. Both indexes recovered more than 86% from a virus-driven crash in March, boosted by liquidity support measures from global central banks and progress on COVID-19 vaccines.

In Mumbai trading, the Nifty Bank Index rose 0.69% and the Nifty IT index was up 0.80%. Tata Motors was the biggest percentage gainer on the Nifty 50, rising 2.4% after the company on Friday reported a 21% rise in December domestic sales.

Related Stories

No stories found.

Podcast

No stories found.

Defence bulletin

No stories found.

The power of the quad

No stories found.

Videos

No stories found.

Women Leaders

No stories found.
India Global Business
www.indiaglobalbusiness.com