Nifty Trades Higher, Asian Stocks Surge Following Vaccine Hopes

Benchmark indices jumped in trade, as global markets surged after American biotech firm Novamax said it has started the first human study of its experimental coronavirus vaccine.

The Japanese Nikkei was leading gainers in Asia, with the index up almost 2.25 per cent in trade, while Hong Kong's Hang Sang was up 1.25 per cent and the Korean Kospi gained more than 1 per cent.

The Sensex too followed strong global cues and was trading with gains of 356 points, while the Nifty jumped 107 points.

Shares in India's largest housing finance company, HDFC was higher by 3 per cent, after the company reported net profits that were largely in line with expectations. The firm reported a net profit of Rs 2,233 crore for the quarter ended March 31, down from Rs 2,862 crore in the corresponding quarter of the previous year.

Shares in Bharti Airtel were trading 3 per cent lower, after Bharti Telecom, the parent company of Bharti Airtel, revealed plans to raise $1 billion by selling shares in the mobile phone operator through a block deal at Rs 558. Avenue Supermarkets saw its shares fall after the company reported a consolidated net profit for the March quarter rose 41.6 per cent to Rs 271.28 crore.

Banking stocks, which had seen strong selling on Friday, following the Monetary Policy Announcement gained ground. ICICI Bank and HDFC Bank were among the gainers.