Indian benchmark indices touched record highs on Tuesday after US-based Pfizer and its German partner BioNTech announced that its experimental vaccine is more than 90 per cent effective, based on inital trial results.
Both the S&P BSE Sensex and NSE Nifty 50 registered strong gains as shares of companies such as airlines and hotels surged in morning trade. Pfizer’s initial late-stage trial data has also boosted investor sentiment across the globe.
At around 11:30 am, Sensex was trading 428 points higher at over 43,000 points, while Nifty was trading almost 1 per cent higher at 12,570. Banking and financial stocks were up after renewed vaccine hopes.
Meanwhile, MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.12 per cent higher after Pfizer’s annoucement regarding late-stage vaccine trials.
Not only did Pfizer’s stock perform well on the NYSE, but the company’s Indian arm also gained as much as 19.8 per cent during today’s trading session.
It is worth mentioning that the Pfizer vaccine update has also boosted stocks of airline and hotel companies like InterGlobe Aviation, EIH and Lemon Tree hotels. All of them rose more than five per cent.