On Tuesday, the Indian stock market's benchmark indices opened higher after hitting a new all-time high in Mahurat Trading and positive global market cues.
BSE's Sensex was up 458 points to a new high of 44,096, while NSE's Nifty 50 was up 154 points at 12,934.
The US markets hit record highs on Monday after Moderna said preliminary phase-3 trial data shows its coronavirus vaccine is more than 94 percent effective in preventing COVID-19.
The encouraging development comes after Pfizer and BioNTech announced last week that their coronavirus vaccine was more than 90 percent effective.
Markets were closed on Monday on account of Diwali Balipratipada.
Oil prices rose in the morning of Asia hours after jumping 3 percent on the previous day on the back of positive vaccine news. International benchmark Brent crude futures were up 0.52 percent to $44.05 per barrel.
On the India front, the country's foreign exchange reserves jumped by a massive $7.779 billion to touch a lifetime high of $568.494 billion in the week ended November 6, RBI data showed on Friday.
Foreign portfolio investors (FPIs) have invested a massive Rs 35,109 crore in Indian markets in November so far, according to data from the depositories. They have invested a net sum of Rs 29,436 crore into equities and Rs 5,673 crore into debt segment between 2 and 3 November.