Indian stocks rose to a new record, after swinging between gains and losses, as investors saw the rollout of a vaccine aiding a business and economic recovery.
The S&P BSE Sensex advanced for a ninth day, adding 0.6% to 48,176.80 in Mumbai, after earlier falling by a similar magnitude during the session as some investors took advantage of record-high index levels to book profits.
The NSE Nifty 50 Index climbed 0.8%. Both indexes closed at new peaks, reported Bloomberg.
The Serum Institute of India Ltd., which is producing the coronavirus vaccine developed by AstraZeneca Plc and the University of Oxford, expects the government to sign a formal supply and pricing agreement within days after the shot was approved for emergency usage in the world's second-largest Covid-19 hotspot.
"This is a buy-on-dips market. We are retaining value in our portfolio and also booking profits where there is excessive exuberance," said Kranthi Bathini, a strategist at Mumbai-based WealthMills Securities Ltd. "We are starting the year with a lot of optimism over the vaccine."