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Sensex crosses 44,000 for first time on Covid vaccine hopes

Nifty too hit a record high in early trade with the index risingabove 12,900 for the first time ever

Aseem Thapliyal | November 17, 2020 | Updated 13:19 IST
Sensex crosses 44,000 for the first time on Covid vaccine hopes
Buoyed by the rally in global markets, Sensex rose 524 points to a lifetime high of 44,161 in early trade

Sensex continued its record run for the third straight session today with the index crossing 44,000 level for the first time ever on optimism over results of a second coronavirus vaccine in a week. Nifty too hit a record high in early trade with the index rising above 12,900 for the first time ever. The rally was in line with global markets after interim data results of an experimental vaccine by Moderna Inc showed 94.5 per cent effectiveness in preventing Covid-19.

The Moderna vaccine is the second vaccine within a week to show results, far exceeding expectations.  On Novermber 9, Pfizer Inc and German firm BioNTech said that their COVID-19 vaccine candidate was found to be more than 90 per cent effective in preventing COVID-19.

Buoyed by the rally in global markets, Sensex rose 524 points to a lifetime high of 44,161 in early trade.

Nifty too gained 154 points to 12,934, its all time high in early trade. Tata Steel , SBI and L&T were the top Sensex gainers rising up to 7% in early trade.

On the other hand, HCL Tech, Infosys, Bajaj Auto, ITC, Axis Bank and Bajaj Finance were among the top losers falling up to 2%. Later, Sensex and Nifty erased some gains but were still trading in the green. At 12: 49 pm , Sensex gained 219 points to 43,857 and Nifty was trading 67 points higher at 12,848.

Morgan Stanley sees Sensex at 50,000 by December 2021, overweight on India

Meanwhile, rupee appreciated by 24 paise to 74.38 against the US dollar in opening trade, tracking positive domestic equities amid improved risk appetite.

Equity markets were closed on Monday on account of Balipratipada.

On November 14, during the Muhurat trading session, Sensex soared 194.98 points to close at a record 43,637.98 and Nifty advanced 60.30 points to finish at its lifetime high of 12,780.25.

Global markets

On the global front, US equities surged to record high after biotech group Moderna said its COVID-19 vaccine was highly effective.

Japan's benchmark rose 0.2% to 25,968.22 in morning trading, after momentarily reaching a 29-year high of above 26,000.

Australia's S&P/ASX 200 gained 0.4% to 6,512.00. South Korea's Kospi added 0.3% to 2,550.76. Hong Kong's Hang Seng edged up 0.1% to 26,415.34, while the Shanghai Composite was little changed but slightly higher at 3,347.15.

Share Market News Live: Sensex rises 150 points, Nifty at 12,865 on vaccine hopes; L&T, SBI, M&M top gainers

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