Nifty Trades Higher On Hopes Of Quick Vaccine Rollout

Benchmark indices rallied in trade despite a surge in coronavirus cases on hopes that there would be quick rollout of vaccines. The US has decided to export raw material required by Indian vaccine makers and deploy a team of experts to help India tide over the second wave of the Covid-19 pandemic.

The Sensex was trading with gains of almost 500 points, while the Nifty rallied 145 points in early trade.

ICICI Bank saw its shares gain after the bank reported higher net profits at Rs 4,402.6 crore in Q4FY21 against Rs 1,221.4 crore in Q4FY20. In fact, the Bank Nifty was significantly higher in trade led by gains in ICICI Bank and State Bank of India.

Shares in HCL Tech fell post its results. The stock was down almost 2.5 per cent in early trade. Other tech stocks like TCS and Infosys were trading higher.

HCL Tech reported revenues of US$ 2.70bn, up 3%/6% QoQ/YoY (CC 2.5%/2.6% QoQ/YoY), in-line with expectation.

Shares in IndiaBulls Real Estate rallied after the company reported consolidated profit at Rs 94.5 crore in Q4FY21 against loss of Rs 109.7 crore. The shares were up almost 5 per cent in early trade. Meanwhile, most of Asia was trading flat to positive.