Booster shot: Markets on a high; Nifty crosses 13,000 amid high hopes of Covid-19 vaccine soon

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November 25, 2020 7:45 AM

Benchmark indices scaled newer peaks on Tuesday with the Nifty ending the session above the 13,000 mark as investors bought into a range of stocks amid rising hopes a Covid-19 vaccine would soon be available.

sensex, nifty 50The impressive and better-than-expected corporate results for Q2FY21 have prompted analysts to upgrade earnings estimates.

Benchmark indices scaled newer peaks on Tuesday with the Nifty ending the session above the 13,000 mark as investors bought into a range of stocks amid rising hopes a Covid-19 vaccine would soon be available. Foreign investors have been big buyers of Indian equities having picked up $7.4 billion in November, a record high. The sentiment in stock markets across the world has been good on optimism about the vaccine.

The impressive and better-than-expected corporate results for Q2FY21 have prompted analysts to upgrade earnings estimates.

Strategists at Credit Suisse wrote: “Q2 results should dispel any remaining doubts on the weak links between the economy and the larger listed stocks”. They added even the small quantum of upgrades to FY21/22 consensus EPS is rare, and should rise further once databases are updated.

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