Indian shares rose for a second straight session on Monday, tracking positive cues from global markets as encouraging developments around a coronavirus vaccine spurred bets of a faster economic revival globally.
After a string of encouraging vaccine results in recent weeks, the Oxford University and British pharmaceutical giant AstraZeneca announced that their vaccine for the novel coronavirus could be around 90 percent effective under one dosing regimen.
The FDA's outside advisers are slated to meet on Dec. 10 to review Pfizer's emergency-use application for its vaccine.
The benchmark S&P BSE Sensex jumped 194.90 points, or 0.44 percent, to 44,077.15, with IT, energy and pharmaceutical stocks leading the surge. The broader NSE Nifty index ended up 67.40 points, or 0.52 percent, at 12,926.45.
Infosys, Dr Reddy's Laboratories, GAIL, IndusInd Bank and ONGC surged 3-7 percent in the Nifty pack while financials came under selling pressure after recent string of gains. SBI Life, Axis Bank, ICICI Bank and HDFC lost 2-4 percent.
Market heavyweight Reliance Industries rallied nearly 3 percent after the Competition Commission of India cleared its bid to buy Future group's retail, wholesale and logistics assets.
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