Sensex and Nifty scaled their fresh all-time highs in early trade today supported by positive sentiments arising out of hopes for a COVID -19 vaccine. While Sensex gained 298 points to a fresh high of 45,728, Nifty rose 80 points to 13,435.
With today's rally, Sensex has gained 10.27% since the beginning of this year and Nifty has risen 9.86% during the same period.
Interestingly, Sensex and Nifty have gained 8.22% and 8.96%, respectively in one month.
On Monday, Sensex and Nifty scaled record highs for the second consecutive session on progress in Covid 19 vaccine, strong FIIs inflows and signs of economic recovery. Sensex climbed rallied 347 points to end at 45,426-its fresh lifetime peak. Nifty rose 97.20 points or 0.73 per cent to an all-time closing high of 13,355.75.
Ultratech Cement, Reliance, Hindalco and TCS were the top gainers on Nifty rising up to 2.54%.
Adani Ports, Coal India and IndusInd Bank were the top losers falling up to 2.70% on Nifty.
On Nifty, 42 stocks rose and 8 components fell in early trade.
Serum Institute of India (SII), the world's largest vaccine producer by volume is close to inking a deal with the Centre.
The Pune-based company is likely to sign a supply contract with the central government, under which the price of the COVID-19 vaccine may be fixed at Rs 250 per dose. Market participants were also buoyant after Serum Institute also applied to Drugs Controller General of India (DCGI) seeking an emergency use authorisation for the Oxford COVID-19 vaccine in the country.
Meanwhile, drugmaker Pfizer Inc has become the first company to seek emergency use approval of its vaccine candidate in India after getting clearance in the UK and Bahrain.
On Friday, PM Narendra Modi said a Covid vaccine may be ready in a few weeks. Addressing an all-party meeting, PM Modi said that the country will begin the Covid-19 vaccination programme after experts give nod.
On price of a vaccine, the PM said the Central govt is in talks with the state govts over the price of vaccine and decision regarding it will be taken keeping public health as topmost priority.
Strong FII inflows in November and December have turned sentiment positive toward the Indian benchmark indices.
In December alone, FIIs infused Rs 13,998 crore in first five sessions. In November, FIIs brought a record Rs 65,317 crore into Indian markets.
Asian stock markets followed Wall Street lower on Tuesday as surging coronavirus infections in the United States and some other countries tempered investor optimism about development of possible vaccines.
Tokyo, Hong Kong and Seoul declined. Shanghai swung between gains and losses.
Overnight, Wall Street's benchmark S&P 500 index lost 0.2% as health care, financial and energy stocks declined.
The Nikkei 225 in Tokyo lost 0.3% to 26.475.11 and the Hang Seng in Hong Kong shed 0.7% to 26,331.93.
The Kospi in Seoul tumbled 1.3% to 2,708.28 while Sydney's S&P-ASX 200 advanced 0.2% to 6,685.50. New Zealand and Southeast Asian markets gained.