Sensex rallies amid Covid vaccine hopes

Equity benchmark Sensex surged over 400 points in opening session on Tuesday led by gains in HDFC twins, Bharti Airtel and Kotak Bank amid positive cues from global markets. After starting at 30,450.74, the 30-share index was trading at 394 points or 1.31 per cent higher at 30,422.98. 

Similarly, NSE Nifty jumped 91.10 points, or 1.03 per cent, to 8,914.35. ONGC was the top gainer in the Sensex pack, rallying around 6 per cent, followed by Bharti Airtel, HDFC, Maruti, Bajaj Auto, Kotak Bank, Hero MotoCorp and PowerGrid. 

On the other hand, IndusInd Bank, SBI, Asian Paints and Axis Bank were trading with losses. In the previous session, the BSE barometer settled 1,068.75 points or 3.44 per cent lower at 30,028.98, while the broader NSE Nifty plunged 313.60 points or 3.43 per cent to 8,823.25. Foreign portfolio investors offloaded equities worth Rs 2,512.82 crore in the capital market on Monday, provisional exchange data showed. 

According to traders, hopes of a vaccine for COVID-19 enthused global investor sentiment. In a significant development, an American biotechnology company Moderna has said its initial vaccine tests in people have shown promising results and can stimulate an immune response against the coronavirus. 

However, the rising number of cases in the country kept market participants cautious, they said. 

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