Hi there! From ETMarkets.com, this is Abhinav Kaul with Your Evening Briefing.
LET’S START WITH THE TOP HEADLINES AT THIS HOUR
>> Sensex posts best gain in a day in 11 years; investors richer by Rs 5L cr >> Economic stimulus package likely by the end of this week >> RIL jumps 15% on reports of Facebook’s interest in Jio stake >> RBI weighs new credit line for MFs hit by cash crunch >> Sebi asks states to exempt capital market entities >> Global stocks vault 10% on $2 trillion US stimulus
Now a quick glance at what happened in Indian stock market.
Sensex rose 1,862 points to close at 28,536, while Nifty jumped 517 points to 8,318.
The indices are still down around 31 per cent each on a year-to-date basis.
Despite the surge today, the market breadth was relatively muted. As many as 736 BSE stocks tested their 52-week lows.
All sectoral indices ended in the green. BSE Energy was the top gainer as it advanced 10.19 per cent.
In stock-specific action, JSW Energy gained 1.19 per cent after UBS upgraded the scrip to ‘buy’ from ‘sell’.
Reliance jumped 15 per cent amid reports that Facebook was holding discussions to take a multi-billion-dollar stake in its telecom arm, Jio.
Tata Motors jumped 2.33 per cent as UBS maintained ‘buy’, but cut the price target to Rs 130 from Rs 285.
AK Prabhakar of IDBI Capital Markets has more on market fundamentals.
Why did the market jump 7 per cent despite the 21-day lowdown?
Do you think this relief rally will continue on D-Street?
Which largecap stocks are in your buying list?
In global markets, Asian shares gained in the wake of Wall Street’s massive rebound as the US announced a $2 trillion stimulus plan.
The pan-European STOXX 600 index was up 2.1 per cent.
Back home, Nifty gained for a second straight session, the first time since February 12-13. The index formed a long bullish candle on the daily chart.
Let's go across to Mazhar Mohammad of Chartview India to get a lowdown on market technicals.
What is your outlook for Thursday's session?
That’s all for now, folks. Do check out ETMarkets.com for detailed market analysis and download the ETMarkets app on your phone for round-the-clock market coverage, investment tips and dozens of stock recommendations.