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Airline, hotel stocks on fire as vaccine hopes help Sensex hit record high for second straight session

Among hotel stocks, Indian Hotels Co. Ltd rose 14%, EIH 7.54%, TajGVK Hotels and Resorts 3.18%, Chalet Hotels 7.84%, Mahindra Holidays 4.6%, Wonderla Holidays 12.75% and Advani Hotels & Resorts 12%

Aseem Thapliyal | November 10, 2020 | Updated 16:52 IST
Airline, hotel stocks on fire as vaccine hopes help Sensex hit record high for second straight session
Stocks of aviation industry such as InterGlobe Aviation Ltd's shares gained 9% and SpiceJet rose 6.6%

Shares of hospitality sector rose in trade today as hopes of a Covid vaccine kept investors upbeat despite rising coronavirus cases. Among hotel stocks, Indian Hotels Co. Ltd rose 14%, EIH 7.54%, TajGVK Hotels and Resorts 3.18%, Chalet Hotels 7.84%, Mahindra Holidays 4.6%, Wonderla Holidays 12.75% and Advani Hotels & Resorts 12%.

Stocks of aviation industry such as InterGlobe Aviation Ltd's shares gained 9% and SpiceJet rose 6.6%.

Multiplex stocks such as PVR and Inox Leisure climbed 7.5%. and 4.91% , respectively. Hospitality sector stocks joined the rally in broader indices today on hopes of a vaccine to counter rising COVID-19 cases.

Sensex and Nifty have been rallying for seven sessions on expectations of a win by Joe Biden  in US poll and strong Q2 earnings.

The rally got support from hospitality sectors stocks today after pharma firm Pfizer said vaccine developed with partner BioNTech SE proved more than 90% effective in the first 94 subjects who were infected by the new coronavirus and developed at least one symptom.

The COVID-19 vaccine, BNT162b2, being developed by Pfizer Inc. and BioNTech is in late-stage of trial. The Phase 3 clinical trial of BNT162b2 began on July 27 and has enrolled 43,538 participants to date, 38,955 of whom have received a second dose of the vaccine candidate as of November 8, 2020.

On Tuesday, Sensex hit all-time high of 43,316 against previous close of 42,597. Nifty too logged a record high of 12,643 against previous close of 12,461.

Sensex crosses 43,000 for first time, Nifty nears 12,600 on COVID-19 vaccine hopes

Pfizer share hits all-time high after firm says its COVID-19 vaccine over 90% effective

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