Indian shares scale record highs as vaccine hopes lift stocks

  • Reuters
  • Stock Market News
Indian shares scale record highs as vaccine hopes lift stocks
Credit: © Reuters.

BENGALURU, Nov 10 (Reuters) - India's main stock indexes hit record highs on Tuesday, following a rise in shares of companies such as airlines and hotels that are expected to benefit from a return to normalcy, as investors across the world cheered progress in the development of a coronavirus vaccine.

The NSE Nifty 50 index .NSEI rose 0.3% to 12,499.9 by 0358 GMT and the S&P BSE Sensex .BSESN gained 0.36% to 42,759.9, led by banking and financial stocks.

MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was 0.12% higher on news of Pfizer Inc (NYSE: PFE )'s PFE.N experimental COVID-19 vaccine showing 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.

Stocks of IndiGo owner InterGlobe Aviation INGL.NS rose 5.3%, while hotel operators EIH Ltd EIHO.NS and Lemon Tree LEMO.NS rose more than 5% each.

The Nifty IT index .NIFTYIT was the top drag among sectors and fell 2.8%.

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