By Derek Francis
BENGALURU, Nov 10 (Reuters) - India's main stock indexes hit record highs on Tuesday as progress in the development of a coronavirus vaccine raised hopes of a global economic recovery and helped airline and hotels stocks that have been hammered by the pandemic.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was 0.12% higher on news that Pfizer Inc (NYSE: PFE )'s PFE.N 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.
"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, Esquire Capital's Dasgupta said.
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