Indian shares close higher as vaccine fuels recovery hopes

  • Reuters
  • Stock Market News
Indian shares close higher as vaccine fuels recovery hopes
Credit: © Reuters.

By Derek Francis

BENGALURU, Nov 10 (Reuters) - India's main stock indexes closed higher on Tuesday after scaling new peaks during the session as progress in the development of a coronavirus vaccine raised hopes for a global economic recovery, helping domestic airline and hotels stocks that have been hammered by the pandemic.

The NSE Nifty 50 index .NSEI rose 1.36% to 12,631.1 and the S&P BSE Sensex .BSESN ended 1.6% higher at 43,277.65, led by a rally among banking and financial stocks.

MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was 0.1% higher after Pfizer Inc (NYSE: PFE ) PFE.N said on Monday its experimental COVID-19 vaccine showed over 90% effectiveness based on initial trial results. MKTS/GLOB

The U.S. drugmaker's Indian arm, Pfizer Ltd PFIZ.NS , gained as much as 19.8% during the session.

"While there have been previous announcements of a vaccine, a company like Pfizer coming with such a development and with high efficacy is quite positive for markets," said Ajit Mishra, vice-president at Religare Broking.

Shares of IndiGo-owner InterGlobe Aviation INGL.NS rose 8.9%, while those of hotel operators Indian Hotels IHTL.NS and Lemon Tree LEMO.NS rose 14% and nearly 10%, respectively.

GAIL (India) GAIL.NS rose nearly 5% after its September-quarter profit beat estimates and the natural gas explorer approved raising 100 billion Indian rupees ($1.35 billion) through borrowings. other sectors, the Nifty Bank index .NSEBANK ended 3.9% higher and the financials index .NIFTYFIN climbed 4.1%. Both indexes recorded gains for a seventh straight session.

Bajaj Finance BJFN.NS gained 8.9% to top the gainers among the Nifty. The country's top lender, State Bank of India SBI.NS , rose 5.6% and IndusInd Bank INBK.NS added 7.7%.

Construction-to-software conglomerate Larsen and Toubro LART.NS rose about 7%.

The Nifty pharma index .NIPHARM fell 4.33%, dragged down by losses in drugmaker Cipla CIPL.NS , which fell 5.4%.

The Nifty IT index .NIFTYIT fell 3.9%. Tech Mahindra TEML.NS slid about 5.7%, while Infosys INFY.NS shed 3.8% and HCL Technologies HCLT.NS slipped around 5%. ($1 = 74.1650 Indian rupees)

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