Domestic stock markets jumped over 1 per cent to record highs on Tuesday, tracking a positive trend across global equities as investors cheered the news of another promising coronavirus vaccine and optimism about world recovery. The S&P BSE Sensex index soared 523.18 points - or 1.20 per cent - to touch an all-time high of 44,161.16, and the broader NSE Nifty 50 benchmark climbed to as high as12,934.05, adding 153.80 points to its previous close -- both all-time highs.
At 9:57 am, the Sensex traded 345.30 points - or 0.79 per cent - higher at 43,983.28, while the Nifty was up 94.70 points - or 0.74 per cent - at 12,874.95.
Official data on Monday showed wholesale inflation in the country worsened to an eight-month high of 1.48 per cent in October.
Share markets elsewhere in Asia moved higher tracking overnight record highs in the US. Australia's S&P/ASX 200 rose 0.6 per cent in early trade, while Hong Kong's Hang Seng futures gained 0.27 per cent and Japan's Nikkei 225 climbed 0.50 per cent.
Wall Street jumped on Friday as encouraging earnings stoked risk appetite and US President-elect Joe Biden's COVID advisory team said it was not considering a nationwide shutdown, but oil prices slid as Libyan output rose and investors worried the resurgent pandemic could hurt global demand.
The Dow Jones Industrial Average rose 1.37 per cent, the S&P 500 gained 1.36 per cent and Nasdaq Composite added 1.02 per cent.
Meanwhile, oil prices edged higher on Tuesday on expectations the Organization of the Petroleum Exporting Countries (OPEC) and its allies will extend oil production cuts for at least three months, while sentiment was bolstered by news of another promising coronavirus vaccine. Brent crude futures for January rose 16 cents, or 0.4 per cent, to $43.98 a barrel 6:34 am.