Sensex, Nifty close at record highs as India approves Covid vaccines
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Sensex, Nifty close at record highs as India approves Covid vaccines

By Reuters

  • 04 Jan 2021
Sensex, Nifty close at record highs as India approves Covid vaccines
Credit: Reuters

Indian shares notched record closing highs on Monday for a second straight session of the new year, as investor sentiment lifted after the country gave emergency-use approvals to two coronavirus vaccines over the weekend.

The Nifty ended up 0.82% at 14,132.90, while the benchmark Sensex firmed 0.64% to 48,176.80, marking its first close above the 48,000 level.

India, which has the second-highest number of coronavirus infections in the world, on Sunday approved for emergency use two coronavirus vaccines – one developed by AstraZeneca and Oxford University and the other by local company Bharat Biotech.

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The country is expected to start a massive immunisation programme within a week. Serum Institute of India, the local maker of the AstraZeneca/Oxford vaccine, intends to meet the nation's demand first before exporting its vaccine.

Separately, a private survey on Monday showed India's factory sector activity strengthened in December, as manufacturers boosted production to meet rising demand.

In Mumbai trading, the Nifty IT index closed 2.67% higher, with heavyweight Tata Consultancy Services being the biggest boost to the Nifty 50.

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Rail coach and mining equipment maker BEML ended up 3.2%. The government has invited initial bids from private firms for a 26% stake in the company.

Jindal Steel and Power gained 6.5% after the company reported an increase in production and sales for December and the third quarter.

Marico closed 2.7% higher after the beauty and wellness product maker said its India business saw double-digit volume growth in the third quarter, and that it was maintaining an optimistic outlook for the rest of the year.

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Global markets hit record highs on hopes that the rollout of coronavirus vaccines will eventually help revive the global economy. 

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