Sensex, Nifty hit record high as investors cheer Centre's decision to approve 2 COVID vaccines
New Delhi | Jagran Business Desk: Equity benchmark indices Sensex and Nifty on Monday hit record high in the opening session as the investors cheered central government's decision to approve two COVID-19 vaccines for 'restricted emergency use' in the country.
For the first time in its history, the Sensex crossed the 48,000-mark while Nifty rose by 0.50 per cent to reach 14,087.95 in the opening session of the stock market.
Top gainer in the Sensex pack was TCS which rose by 2 per cent in the morning session. TCS was followed by ONGC, SBI, L&T, Infosys, HCL Tech, ICICI Bank and Axis Bank. On the other hand, HDFC, Asian Paints and Reliance Industries were among the laggards.
The Drugs Controller General of India (DCGI) had on Sunday approved Oxford-AstraZeneca COVID-19 vaccine 'Covishield', which is being locally manufactured by Serum Institute of India (SII), and Bharat Biotech's 'Covaxin' for "restricted emergency use" in India.
"Investors wasted little time getting their New Year mojo on and are flying right out of gates this morning amid optimism that widespread vaccine distribution will provide the ultimate economic kick-start offering a massive booster shot to corporate profits," said Stephen Innes, Chief Global Market Strategist at Axi, as reported by Financial Express.
"Despite these problematic headwinds, investors think the vaccine narrative has such a long economic runway that stock prices cannot have fully reflected it all this far in advance. As people get vaccinated, they are likely to return to those activities most impacted by Covid-19 such as dining out, travelling and other personal service-related areas," he added.
Meanwhile, bourses in Shanghai, Seoul and Hong Kong were trading on a positive note in mid-session deals. However, Tokyo was in the red. On the other hand, the global oil benchmark, Brent crude futures, were trading 0.98 per cent higher at USD 52.31 per barrel.
Posted By: Aalok Sensharma