Nifty tops 8,450 level tracking global cues, check what’s driving Sensex 550 points higher today

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Published: March 31, 2020 10:01:14 AM

As many as 27 stocks out of 30 Sensex stocks were trading in a positive territory, with Tata Steel as the top gainer, up 4.23 per cent, followed by Axis Bank, HDFC and ONGC

Sensex, NiftyVolatility in the market is likely to continue as there is no certainty as to how long the problem will persist and its repercussions on the economy

Regaining most of the yesterday’s losses, headline indices Sensex and Nifty were trading higher on Tuesday on the back of positive global cues which lifted investor sentiment. In the opening session, the 30-share index Sensex jumped over 850 points to 29,316, while the broader Nifty 50 index reclaimed 8,500-mark. However, minutes after, domestic equity market benchmarks slipped from their day’s high, but were still trading higher. “While the coordinated stimulus action from governments around the world has offered some respite, the volatility in the market is likely to continue as there is no certainty as to how long the problem will persist and its repercussions on the economy. It would continue to track the trend in coronavirus cases globally and the economic impact of lockdowns undertaken by several countries,” Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd, said.

Sensex, Nifty up nearly 2%- S&P BSE Senses was trading 500 points or 1.75 per cent higher at 29,938, while the broader Nifty 50 was ruling at 8,419, up 138 points or 1.67 per cent.

IndusInd Bank drops 20%- As many as 27 stocks out of 30 Sensex stocks were trading in a positive territory, with Tata Steel as the top gainer, up 4.23 per cent, followed by Axis Bank, HDFC and ONGC. On the flip side, IndusInd Bank was the top laggard, down 20 per cent to Rs 329, followed by Bajaj Finance, Bajaj-Auto and Maruti.

All sectoral indices in green- All the sectoral indices were trading higher in Tuesday’s session. Nifty Metal index was trading 4.19 per cent higher as China’s manufacturing expanded in March, driven by Hindalco, Vedanta and JSW Steel. Nifty Bank index was up 1.78 per cent led by gains in ICICI Bank, Federal Bank and Axis Bank.

Global markets- Asian stocks rose on Tuesday as factory data from China held out the hope of a rebound in activity even as other countries across the globe all but shut down. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 1.1%. Japan’s Nikkei firmed 1% while South Korea added 2%. US stocks managed to settle higher on Monday as President Donald Trump followed last week’s massive fiscal stimulus package by extending his stay-at-home guidelines, leaving investors to await more signs on the next stages of a deepening economic crisis. Dow Jones Industrial Average was up 482.20 points, or 2.23%, at 22,118.98, the S&P 500 was up 66.06 points, or 2.60%, at 2,607.53 and the Nasdaq Composite was up 220.56 points, or 2.94%, at 7,722.94.

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