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.