Massive 4,700-point swing in Sensex; Here’s why share market staged biggest one-day recovery ever

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Updated: March 13, 2020 5:52 PM

S&P BSE Sensex ended 1325 points or 4.04 per cent at 34,103, while the broader Nifty 50 index finished above the crucial 10,000-mark

Sensex, NiftyAs many as 25 stocks out of 30 Sensex stocks finished in green. State Bank of India was top Sensex gainer, up 14 per cent, followed by Tata Steel, HDFC, Sun Pharma and Bajaj Finance

Staging a massive 4,700 single-day recovery, domestic equity market benchmarks Sensex and Nifty settled significantly higher on Friday from the day’s low. S&P BSE Sensex ended 1325 points or 4.04 per cent at 34,103, while the broader Nifty 50 index finished above the crucial 10,000-mark. “Sharp recovery in global markets on hopes that US is considering economic stimulus helped domestic market to bounce back from losses with index heavyweights contributing to gains. Increase in recovery rates of virus-infected apart from those in Italy has been considered positive. If there any further fresh coronavirus cases over the weekend the market could turn volatile,” Vinod Nair, Head of Research at Geojit Financial Services said.

SBI gains 14%- As many as 25 stocks out of 30 Sensex stocks finished in green. State Bank of India was top Sensex gainer, up 14 per cent, followed by Tata Steel, HDFC, Sun Pharma and Bajaj Finance. On the flip side, Nestle India was the top laggard on Sensex, down moer than 4 per cent. Asian Paints, HUL and hero MotoCorp were among other losers on the index.

All Nifty sectoral indices in green- Barring Nifty Media index, all the Nifty sectoral indices ended the volatile session in green. Nifty Bank index gained 1,375 points or 5.74 per cent driven by Bank of Baroda, SBI and Punjab National Bank. Similarly, Nifty Metal index settled higher with the gains in SAIL, Tata Steel and National Aluminium.

ICICI Bank to invest up to Rs 1,000 crore in Yes Bank- ICICI Bank’s board approved an investment of up to Rs 1,000 crore at Rs 10 per share in the cash-strapped Yes Bank. ICICI bank will hold 5 per cent in Yes Bank on investment.

Voda Idea, Airtel jump on reports of relief on AGR dues- Vodafone Idea, Bharti Airtel and Tata teleservices share prices jumped on media reports that government may come out with a relief package for telecom companies on adjusted gross revenue (AGR) issue.

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