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.