Sensex hits record high, Nifty scales 13,300 on COVID-19 vaccine hopes

Sensex and Nifty hit fresh all-time highs in early trade today on progress in the development of coronavirus vaccine. Sensex rose 212 points to 45,291 against previous close of 45,079. Similarly, Nifty gained 64 points to 13,322 against previous close of 13,258.

With today's rally, Sensex has gained 9.32% since the beginning of this year and Nifty has risen 9.34%  during the same period.

Interestingly, Sensex and Nifty have gained 7.84% and 8.47%, respectively in one month.

Market indices closed at record highs on Friday, in line with global peers after apex lender RBI in its Monetary Policy Committee meet kept the policy stance 'accommodative' and the key lending repo rate unchanged. Sensex ended 446 points higher at 45,079 and Nifty gained 124 points to 13,258.

On Nifty, top gainers were  Adani Ports, UPL, GAIL and ICICI Bank rising up to 4.36%.

HDFC Bank, Kotak  Bank, Hero MotoCorp  and Nestle India were the top losers were the top losers on Nifty.

Share Market Live: Sensex, Nifty clock record highs; Adani Ports, UPL, GAIL top gainers

Vaccine hopes

Drugmaker Pfizer Inc has become the first company to seek emergency use approval of its vaccine candidate in India after getting clearance in the UK and Bahrain.

This boosted sentiment at home. Pfizer Ltd share rose 2.70% to Rs 5,398 against previous close of Rs 5256 in early trade today.

Market participants were also buoyant after Serum Institute of India also applied to Drugs Controller General of India (DCGI) seeking an emergency use authorisation for the Oxford COVID-19 vaccine in the country.

On Friday, PM Narendra Modi said a Covid vaccine may be ready in a few weeks. Addressing an all-party meeting, PM Modi said that the country will begin the Covid-19 vaccination programme after experts give nod

On price of a vaccine, the PM said that the Central govt is in talks with the state govts over the price of vaccine and decision regarding it will be taken keeping public health as topmost priority.

Global markets

After a strong start, Asian shares fell back, especially in China. Hong Kong's Hang Seng dropped 1.7% to 26,382.06 and the Nikkei 225 in Tokyo lost 0.8% to 26,553.85.

The Shanghai Composite index sank 0.7% to 3,421.85. A report by Reuters citing unnamed sources said the US department of State and Treasury was preparing economic sanctions on a dozen more Chinese officials in response to Beijing's crackdown on dissent in Hong Kong.

South Korea's Kospi was almost unchanged, at 2,732.38 and in Australia, the S&P/ASX 200 added 0.4% to 6,662.70. On Wall Street, stock indices reached fresh all-time highs on Friday with the Dow rising 0.8%, the S&P500 gaining 0.9% and the Nasdaq 0.7%.

Stocks in news: Pfizer, ONGC, ICICI Bank, Maruti Suzuki, Tata Consumer and more