The reports of availability of more effective vaccines such as those manufactured by J&J and Pfizer eased investors’ concerns over lockdowns as the availability of more vaccines will help the government to accelerate vaccination drives across the country, dealers said.
For the day, the Nifty50 index ended 1.4 per cent or 194 points higher at 14,504.8, while the BSE Sensex closed at 48,544.1, up 661 points or 1.4 per cent.
In the broader market, the Nifty Midcap 100 and Nifty Smallcap index rose 1.7 per cent and 1.3 per cent higher, respectively, after falling over 5 per cent on Monday.
Here are the major movers in today’s trade:
Pfizer surges on hopes of vaccine nod
Shares of the Indian arm of Pfizer surged over 6 per cent after media reports said that the government has approved fast-track nods for vaccines produced by international companies for sale in India under emergency use authorization route. The move will allow Pfizer to import its vaccine developed with BioNTech without conducting a local trial.
Dr Reddy’s slumps on fear of vaccine competition
Shares of the Hyderabad-based company fell 4 per cent on the perception that the entry of more Covid-19 vaccines in the Indian market will diminish the market opportunity for the Sputnik V vaccine, for which the company received approval on Monday.
Tata Motors gains on positive JLR news
Shares of Tata Motors jumped nearly 6 per cent after arm Jaguar Land Rover said that it is likely to report significant free cash flow in the March quarter and achieve break-even on a cash flow basis for the previous financial year.
TCS slumps as investors booked profits
Shares of India’s largest information technology company slumped 4 per cent despite strong earnings for the March quarter as analysts saw limited room for further earnings upgrades for the company. That perception caused investors to book profits in the stock given its stupendous gains over the past one year.
slips on S&P index exclusion
Shares of the Adani Group company fell nearly 2 per cent after it was kicked out of the S&P Sustainability index due to its involvement in Myanmar, where the military recently overthrew a democratically-elected government.
What gave the buy signal?
As many as 29 stocks listed on the National Stock Exchange gave buy signals based on MACD indicators including HDFC,
, Bajaj Finserv and .
What’s ahead for the market?
Traders sold both the out-of-money call and put options of the Nifty50 index, suggesting that they expect the index to move in a narrow range going ahead. The selling in put options of the index indicated that traders for now do not see scope for more downside in the market, said analysts.
“We expect volatility to continue until there is clarity over the lockdown situation and availability of vaccines. The earnings season would further add to the choppiness ahead. So we suggest investors maintain a stock-specific trading approach,” said Ajit Mishra, vice president for research at Religare Broking.
