Indian markets likely to rise on today on new COVID-19 vaccine

Indian Stock Markets are likely to rise more today as the trends in SGX Nifty indicate a positive opening. The market was open for a short time on Saturday. The Sensex closed at 43,637.98 and was up by 194.48 points showing a growth of 0.45 percent. While the NSE’s Nifty closed at 60.30 higher on 12,780.25 up by 0.47 percent.

The rise is expected on the new COVID-19 vaccine which showed an efficiency of around 94 percent. A US drugmaker company Moderna Inc claimed 94.5 percent efficiency. This vaccine claims more effective than that of Pfizer’s and Russia’s Sputnik V.

A week ago, the market surged when Pfizer and its German partner BioTech claimed that their experimental vaccine showed more than 90 percent effectiveness in its Phase III trials. The World Health Organization says there are more than 150 COVID-19 vaccines are presently in development, with around 44 candidates in clinical trials and 11 undergoing late-stage testing.

In the Indian market, Dewan Housing Finance Corp. Ltd (DHFL) lenders are likely to call for fresh bids on Tuesday as the Adani group unexpectedly offered a higher price for the company’s assets. While the BPCL received multiple bids for its stake from Mukesh Ambani’s Reliance Industries as well as supermajors Saudi Aramco, BP and Total did not make a bid.