Indian Markets Up on Vaccine Cheer, Sensex Zooms 250 Points in Opening Trading to Cross 48,000 Mark

The benchmark Indian stock index, Sensex, has recovered almost 81 percent from its COVID-low of 25,981 witnessed on 23 March 2020, two days before a nationwide lockdown was imposed to curb the spread of the coronavirus.

Indian markets zoomed in opening trading on Monday after the nation's drug regulators approved two COVID-19 vaccines for emergency use.

The Bombay Stock Exchange's (BSE) 30-share benchmark index, Sensex was up 263 points to trade at 48,132 in opening trading. Similarly, the broader 50 share index of the National Stock Exchange rose 70 points to trade at 14,089.

The Indian government on Sunday approved two vaccines for emergency use, including Covishield produced by the Serum Institute of India in collaboration with Oxford University and Covaxin made by Bharat Biotech.

The Serum Institute of India has prepared a stock of 50 million doses, which it will supply to the government soon.

Buoyed by the development, key shares that were up in opening trading are the State Bank of India, ONGC, Axis Bank, ICICI Bank, Bajaj Finserv, and HDFC Bank.