Stock Market Updates: HDFC Bank, ICICI Bank and HDFC were the biggest contributors to the gain in Sensex Domestic stock markets soared to new record highs on Tuesday as investors applauded progress in the development of a coronavirus vaccine which lifted confidence in a world economic recovery.

The S-P BSE Sensex index391.4 points - or 0.92 per cent - higher at42,988.83, and the broader NSE Nifty 50 benchmark began the day at12,566.75, up 105.7 points - or 0.85 per cent - from its previous close.

Those marked the highest intraday levels ever for both indices, led by gains in banking and financial servicesshares.

At 11:12 am, the Sensex traded 480.70 points - or 1.13 per cent - higher at 43,078.13 while the Nifty was up 124.05 points - or 1.00 per cent - at 12,585.10. (Track Sensex, Nifty Here)HDFC, Larsen - Toubro, ICICI Bank, Tata Motors and ONGC, trading between 2.19 per cent and 2.52 per cent higher, rose the most among 31 gainers in the Nifty basket of 50 shares. On the other hand, Tech Mahindra, Infosys, HCL Tech, Wipro and TCS - down 1.86-3.80 per cent each - were the top Nifty losers. HDFC Bank, ICICI Bank and HDFC were the biggest contributors to the gain in Sensex.US-based drug maker Pfizer said its COVID-19 vaccine, developed with German partner BioNTech SE, was more than 90 per cent effective in preventing infection, marking the first successful results from a large-scale clinical trial.

The vaccine news sparked renewed optimism in equities around the world but oil prices slipped in Asian trade after posting the biggest one-day percentage gain in five months.

However, some analysts sounded caution over the speed in which the vaccine could be implemented."The vaccine news is a big relief for markets and investors are hoping that the economic recovery will take place sooner," said Samrat Dasgupta, chief executive officer at Esquire Capital Investment Advisors.

"However, the next six months will be crucial as we see more developments on the vaccine."Investors hoped that the vaccine would help the travel and hospitality sectors return to normalcy after facing restrictions because of the coronavirus lockdowns, he added.Investors also turned their focus to elections in Bihar, where the ruling NDA surged ahead of the opposition alliance of Rashtriya Janata Dal, the Congress and Left parties.Brazil's health regulator said on Monday it had suspended clinical trials for China's Sinovac coronavirus vaccine after adverse effects had emerged.Japan's Nikkei 225 rose 1.1 per cent after reaching a 29-year high in early trade.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.12 per cent.

Airline, travel and tourism stocks across Asia were beneficiaries of the optimism prompted by the vaccine announcement.