Indian markets opened over 1 per cent higher on Tuesday led by continued drop in covid infection cases. Better-than-expected March quarter earnings also helped improve sentiments among investors. The benchmark Sensex gained 1.11 per cent to 50,132 points while Nifty rose 1.2 per cent to 15,102 points.
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The latest numbers show that 262,000 fresh cases and 422,000 recoveries indicate a continuation of this positive trend. The market is discounting progressive lifting of widespread lockdowns starting in early June, analysts said.
“The market would continue to track domestic covid cases trend along with the earnings season, which has been healthy so far, for further cues. Even the news flows around vaccination front would drive the market. With more Pharma companies tying up for vaccine manufacturing, sentiments have got lifted,” said Siddhartha Khemka, head-retail research, Motilal Oswal Financial Services.