Sensex, Nifty jump on vaccine optimism; Airtel gains
Tue May 19 2020
Rajesh Sharma (2002 articles)

Sensex, Nifty jump on vaccine optimism; Airtel gains

A bird flies past the Bombay Stock Exchange (BSE) building in Mumbai, India, January 31, 2020. REUTERS/Francis Mascarenhas/File Photo

Indian shares tracked world markets higher on Tuesday, as the successful early-stage trial of a potential COVID-19 vaccine spurred optimism about a recovery in global economic growth, while a surge in domestic coronavirus cases capped gains.

The blue-chip NSE Nifty 50 index was up 1.47% at 8,952.70 by 0355 GMT, while the S&P BSE Sensex was 1.48% higher at 30,473.71.

With Tuesday’s gains, the Nifty 50 is on course to break a three-day losing streak largely due to disappointment around India’s economic relief measures and an unabated rise in domestic COVID-19 infections.

The number of coronavirus cases in India surged past 100,000 on Tuesday, resulting in 3,163 deaths.

Shares in Indian telecom operator Bharti Airtel Ltd rose 5% as it reported a jump in revenue.

Asian shares gained on Tuesday and oil extended gains after very early data showed U.S.-based Moderna Inc’s experimental COVID-19 vaccine produced protective antibodies in a small group of healthy volunteers.

Rajesh Sharma

Rajesh Sharma

Rajesh Sharma is Correspondent for Stock Market of South East Asia based in Mumbai. He has been covering Asian markets for more than 5 years.

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