Extending northward journey for fifth straight session, Indian equity benchmarks ended Tuesday’s session with healthy gains of over a percent, amid a firm trend in global markets on hopes of a COVID-19 vaccine. Sensex and Nifty closed above their crucial 37,900 and 11,150 levels, respectively. Sentiments remained jubilant since morning with frontline gauges started the session with gap-up opening as traders reacted positively to the preliminary data from early stages of human trials showing that the COVID-19 vaccine candidate being developed by the Oxford University and AstraZeneca is safe, well-tolerated, and immunogenic (capable of inducing an immune response). Sentiments also remained up-beat with a labour ministry’s statement that retail inflation for farm and rural workers in June eased to 7.16 per cent and 7 per cent, respectively, as compared to May this year.
Buying got intensified in the late afternoon session, as sentiments remained buoyant with the India Meteorological Department (IMD) in its latest forecast said rains would pick up in the next few days over north and south India. Adding the optimism among the market participants, Employees' Provident Fund Organisation (EPFO) in its latest ‘Provisional Estimate of Net Payroll’ data report has showed that India created 318789 new jobs in the month of May 2020 as against revised figure of 100825 in April 2020. Encouraging and Market Turnover & FII Derivative Data better-than-expected earnings by corporates along with rupee’s appreciation against dollar also provided support to the markets.