Benchmark indices surged in trade, following hopes of a covid-19 vaccine and strong global cues. US markets ended strong, while Asia too ended with gains, following reports that Oxford University's Phase-1 and Phase-2 trials on their Covid-19 vaccine showed that there was no major adverse reaction and it induced a strong antibody and T cell immune response among participants.
Reports that EU leaders have reached a 'pivotal' deal on pandemic recovery fund after marathon summit, also boosted sentiments. The Nifty ended the day higher by 140 points to end the day at 11,162 points.
Two heavyweights, HDFC and ICICI Bank contributed much to the Nifty gains. Apart this two of the biggest gainers from the Nifty were the oil marketing company stocks like BPCL and Indian Oil Company.
Reliance Industries too contributed to the gains ending almost 2.5 per cent higher. Among the Nifty stocks that were weak in trade included names like Bajaj Finance, Bajaj Finserv, Britannia and Bharti infratel.
Shares in HDFC Life gained ground after net profit at the company were up 6% to Rs 451 crore. SBI Life gained as much as 3 pe cent, after net profit at the company up 5% to Rs 390 crores for the quarter ending June 30, 2020.