InvestorQ : Was the Pfizer COVID drug responsible for the Sensex touching 43,000 on Nov 10, Tuesday?
Rutuja Nigam made post

Was the Pfizer COVID drug responsible for the Sensex touching 43,000 on Nov 10, Tuesday?

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3 weeks ago
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On Tuesday, 10 November, the Sensex hit the 43,000 mark for the first time in its entire history even as the Nifty topped 12,600 levels for the first time. While FPI buying was a key reason, one factor that propped up the market was hopes that Pfizer was close to a COVID vaccine.

Just to make a point, the rally in the last 15 days has been absolutely fantastic with the Nifty adding close to $200 billion in market capitalization since the beginning of the month of November 2020, which is probably the fastest accretion in such a short time period.

On Tuesday, the euphoria in the market and the enthusiasm for Indian stocks was largely driven by expectations that Pfizer had made considerable progress on the COVID vaccine, although the actual vaccine may still be some time away. Any news is good news here.

While COVID vaccine hopes gave the trigger, the actual action was focused on the large banks and financials with Bajaj Finance leading the rally. Bank Nifty has already gained more than 25% since October beginning and has taken most sceptics by surprise.

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