Booster shot: Markets on a high; Nifty crosses 13,000 amid high hopes of Covid-19 vaccine soon

Benchmark indices scaled newer peaks on Tuesday with the Nifty ending the session above the 13,000 mark as investors bought into a range of stocks amid rising hopes a Covid-19 vaccine would soon be available. Foreign investors have been big buyers of Indian equities having picked up $7.4 billion in November, a record high. The sentiment in stock markets across the world has been good on optimism about the vaccine.

The impressive and better-than-expected corporate results for Q2FY21 have prompted analysts to upgrade earnings estimates.

Strategists at Credit Suisse wrote: “Q2 results should dispel any remaining doubts on the weak links between the economy and the larger listed stocks”. They added even the small quantum of upgrades to FY21/22 consensus EPS is rare, and should rise further once databases are updated.