As the stock markets touch new highs rising for the seventh consecutive session, it is the beaten down sectors that are rallying while the stay at home themes like IT and pharma are taking a beating.
Devarsh Vakil, Deputy Head of Retail Research, HDFC Securities said IT and Pharmaceuticals stocks corrected while stocks that have been beaten down by the severe disruption of the pandemic, such as those tied to travel and leisure, movie theatres, and theme parks, along with some retailers and restaurants led the markets higher.Indian markets shot-up on positive over-night cues from global markets. Investors cheered as a trial of a Covid-19 vaccine developed by Pfizer Inc. and BioNTech SE showed more than 90 per cent effectiveness. Vakil said Markets had closed at all time highs on Monday and handsomely built on those gains during Tuesday’s session.