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India’s benchmark Sensex and Nifty indices closed higher for the second consecutive session on Monday tracking gains in global equities as AstraZeneca Plc said its vaccine prevented most people from developing covid-19.

The AstraZeneca coronavirus vaccine has an average efficacy of 70% in protecting people against the virus, an interim analysis of clinical trials showed, the company said. The vaccine can be stored and transported in a fridge and does not require freezers, like other vaccines, making it an easier option for developing nations, including India.

The announcement lifted sentiment as investors looked forward to the end of the pandemic. Investors were also enthused after a top official of the US government’s vaccine development effort said on Sunday that the first vaccines could be given to US healthcare workers and others recommended by mid-December. Oil futures in New York rose past $43.

Investors pinned hopes for an economic revival following a coronavirus vaccine, despite cases surging globally and delays in fresh US stimulus. In intraday trade both the indices hit record highs, but erased minor gains before closing. The benchmark Sensex index hit a record high of 44,271.15, up 0.89%% while the Nifty 50 share index gained 0.85% to 12,964 points. At closing, the Sensex settled at 44,077.15, up 0.44%, while the Nifty rose 0.52% to 12,926.45.

Analysts expect volatility to remain high this week ahead of the future and option expiry of November. Shares of non-banks surged after an RBI panel suggested NBFCs could be given banking licences.

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