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Nifty Futures Gain 0.8% As Moderna Announced Vaccine With 94.5% Efficacy Rate

Published 17-11-2020, 08:47 am
© Reuters.

By Aditya Raghunath

Investing.com -- The Nifty and BSE Sensex are expected to open higher on the news that U.S. pharma company Moderna says its vaccine trials show a success rate of over 94.5%. Recovery stocks like airlines and movie theatres could see buying interest surge as this means more people can start traveling and using their services.

Banks and financial services might also gain on the back of this news. Nifty Futures is trading 0.8% higher at the time of writing.

Further, investment bank Morgan Stanley (NYSE:MS) joined Goldman Sachs (NYSE:GS) and Nomura, and upgraded its outlook for India, saying the BSE Sensex might hit 50,000 by December 2021.

All major U.S. indices ended higher yesterday- Dow Jones was gained 1.6%, and S&P 500 closed 1.2% higher to touch a record high. Japan’s Nikkei and South Korea’s Kospi both opened trading in the green before giving up their gains and are currently trading flat, down 0.05% each at the time of this report.

Crude oil prices increased to $41.47, up 0.31% on Moderna news, and hopes that this would revive demand. However, IEA (International Energy Agency) has said that it doesn’t expect a vaccine to boost demand until “well into next year”. Chances are oil is just reacting to good news in the short term.  

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