The Indian stock markets made a spectacular rally since the beginning of last week when it became clear that Joe Biden would become the next President of the United States.

Pfizer Inc said its COVID-19 vaccine, developed with German partner BioNTech, was more than 90% effective in preventing infection, marking the first successful results from a large-scale clinical trial. This development has a positive impact on certain stocks.

The BSE Sensex ended 680 points higher at a record closing high of 43,277 while the NSE Nifty rose 170 points to settle at a record close of 12,631. Financial stocks mainly lifted the indices with 4 of 5 top gainers on the Nifty50 index from the space. Bajaj Finance, IndusInd Bank, L&T, Bajaj Finserv, and SBI were the top gainers, up between 5 and 9 pc while Tech Mahindra, Cipla, HCL Tech, Divi's Labs and Nestle led the losses.

The Bank Nifty gained for 7 consecutive trading sessions. Shares in GAIL India gained after the company reported a net profit of Rs 1,068.16 crore for the quarter ended September, down 8.5pc from Rs 1,167.58 crore a year ago. Pharma and IT stocks were weak in trade with Cipla leading the losers from the Nifty space. Other notable losers were Tech Mahindra, HCL Tech, Nestle and Infosys.

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