Indian shares rise on virus vaccine hopes; auto, energy stocks gain – Gulf Today

Indian shares rise on virus vaccine hopes; auto, energy stocks gain – Gulf Today

Picture used for illustrative purpose. File





Indian stocks rose for a fifth straight session on Tuesday, led by automaker and energy stocks, as hopes for a COVID-19 vaccine and strong earnings momentum eclipsed fears over surging domestic cases.

The NSE Nifty 50 index rose 0.95% to 11,126.3 by 0504 GMT, while the benchmark S&P BSE Sensex was up 0.99% at 37,791.24, after hitting their highest levels since March 5 in early trade.

Wall Street gained overnight and Asian shares rose further on hopes that vaccines against the COVID-19 disease might be ready by the end of year, following promising early data from trials of three candidates.

This helped offset concerns over a surge in coronavirus cases in Asia's third largest economy to 1.16 million as of Tuesday morning, including 28,084 deaths, according to government data.

"Markets have been positively surprised by earnings from some of the index movers this quarter, and it also doesn't look like we are going to see any major setback in global markets which have continuously supported domestic sentiment," said Ajit Mishra, vice president, research at Religare Broking Ltd, New Delhi. 

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