Sensex mounts 31k, Nifty trades at highest level in 13 sessions; check key factors behind this rally

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Published: April 8, 2020 11:00:58 AM

As bulls took over the bears, 28 Sensex stocks were trading in a positive territory. IndusInd Bank was the top Sensex gainer, up nearly 11 per cent

Sensex, NiftyAfter recouping all the opening losses, headline indices Sensex and Nifty rose nearly 3 per cent in trade

Defying global market cues, domestic equity markets turned positive in Wednesday’s trade led by gains in index heavyweights such as HDFC, HDFC Bank, ICICI Bank, RIL and HUL. S&P BSE Sensex jumped more than 1,000 points or 3.47 per cent to trade at 31,110, while the broader Nifty 50 index was ruling at 9,084, up 292 points or 3.42 per cent. “Currently, the markets are largely being driven by developments w.r.t. coronavirus across the globe. A sustainable recovery would happen only when the cases start to recede in the country and the lockdown is eased gradually. We expect the next few sessions to remain volatile. Meanwhile, investors must opt for value-buying in select pockets of the Indian markets (FMCG, pharma, consumer durables) to build a long-term portfolio,” Ajit Mishra, VP-Research, Religare Broking, said.

Sensex mounts 31,000: After recouping all the opening losses, headline indices Sensex and Nifty rose nearly 3 per cent in trade. S&P BSE Sensex reclaimed its psychological level of 31,000 while the broader Nifty 50 index scaled the crucial 9,000.

28 Sensex stocks in green: As bulls took over the bears, 28 Sensex stocks were trading in a positive territory. IndusInd Bank was the top Sensex gainer, up nearly 11 per cent, followed by HDFC, Maruti and Axis Bank. While ITC and TCS were the only laggards on the Sensex pack. 

Nifty Private Bank index up 5%: All the sectoral indices were trading higher in Wednesday’s trade. Nifty Private Bank index was over 5 per cent up led by gains in Bandhan Bank, RBL Bank and IndusInd Bank. Similarly, Nifty Auto index was also trading higher driven by Ashok Leyland, Bharat Forge and maruti Suzuki.

Global markets: Asian markets plunged on Wednesday as investors turned wary on getting too optimistic about the coronavirus while death tolls were still mounting across the globe. Japan’s Nikkei dropped 0.7% and South Korea 0.8%. E-Mini futures for the S&P 500 shed early gains to turn 0.7% lower as investors took profits on the recent spike. After US stock markets closed, President Donald Trump said the United States may be getting to the top of the coronavirus curve, Reuters reported. The S&P 500 had ended Tuesday down 0.16%. The Nasdaq dropped 0.33% and the Dow 0.12%.

FII and DII data: Foreign portfolio investors (FPIs) were buyers of domestic stocks to the tune of Rs 741.77 crore, while the domestic institutional investors (DIIs) were net buyers to the tune of Rs 422.51 crore on Tuesday, data available with NSE suggested.

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