05:29 GMT04 December 2020
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    Benchmark Indian stock indices have recovered from their COVID lows in March this year. One of the key indices, Sensex, has now surpassed its pre-COVID peak of 41,925, after falling to almost 26,000 at the end of March, when a nationwide lockdown was imposed by the Narendra Modi government to contain the spread of the contagious virus.

    India's benchmark equity indices finished at fresh highs on the back of COVID-19 vaccine hopes. Both the Bombay Stock Exchange's Sensex and National Stock Exchange's Nifty ended the day at a record high, as the pharmaceutical company Moderna announced that its COVID-19 vaccine is 94.5 percent effective.

    The 30-share index, Sensex, gained 314 points to end the day at an all-time high of 43,952.71. Similarly, the broader 50-share index, Nifty, ended the day with gains of 93.95 points to wind up at 12,874.

    Banking and metal stocks were up in the trade anticipating a recovery in the economy.

    The metal stocks that went up in the trade were Tata Steel and Jindal Steel and Power Ltd. Banking stocks like the State Bank Of India, HDFC, Bandhan Bank, Axis Bank, and RBL Bank, among others, gained in the trade.  

    The US firm Moderna has said that its vaccine is 94.5 percent effective in preventing the COVID-19 infection. Its claim came shortly after another biotech firm, Pfizer, said its COVID vaccine is more than 90 percent effective against the disease.

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