Indian shares advance on vaccine hope
- 09 Dec 2020
Gulf Today Report
Indian shares jumped on Wednesday due to gains in Reliance Industries as optimism for vaccine approval heightens.
The NSE Nifty 50 index rose 0.69% to 13,485.75 by 0446 GMT and was headed for a seventh consecutive session of gains, while the benchmark S&P BSE Sensex was up 0.72% at 45,938.47. Both have hit record highs in 14 of the last 21 sessions and are up 4% so far in December.
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On Tuesday, the Indian health authority said the country is likely to approve coronavirus vaccine in the next few weeks.
Aishvarya Dadheech, fund manager at Ambit Asset Management in Mumbai said: "the vaccine news is a sentiment booster. But it is gushing liquidity that is supporting markets, we are seeing risk-on sentiment building up globally."