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Sensex rallies 1,400 points as US Senate approves $2 tn stimulus package; Nifty tops 8,650

India VIX, the measure of volatility in the market, dropped further 2.38 per cent to 75.77.

ETMarkets.com|
Last Updated: Mar 26, 2020, 10.20 AM IST
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NEW DELHI: The stock market bulls continued their winning momentum on Dalal Street, pushing domestic equity indices higher in opening trade on Thursday after the US Senate approved a $2-trillion coronavirus economic and medical aid bill.

Hopes were ripe that Indian government will also unveil a stimulus package by the end of this week to mitigate the economic impact of the coronavirus crisis.

According to a Reuters report, India will likely to agree to an economic stimulus package of more than Rs 1.5 trillion ($19.6 billion) to fight a downturn in the country that is currently locked down to stem the spread of coronavirus, two sources familiar with the matter said.

India has reported 606 cases as per Ministry of Health and Family Welfare. The country is also under 21 day lockdown impacting businesses across sectors.

BSE flagship Sensex jumped 1,454 points to 29,990 while NSE benchmark Nifty added 358 points to 8,676. Broader market indices were in-line with their headline peers as Nifty Smallcap rallied 2.36 per cent while Nifty Midcap advanced 1.62 per cent. Nifty 500 was up 1.88 per cent.

Buying emerged in IndusInd Bank as the scrip jumped 8.96 per cent to Rs 328. The counter has been battered relentlessly in recent days losing most of its value. IT counters also charged ahead with Infosys, Tech Mahindra and HCL Tech jumping 3-6 per cent in early trade.

Sun Pharma, Axis Bank, HDFC, Bajaj Finance and TCS were among other major gainers among 30-share pack Sensex.

Meanwhile, old economy stocks like Maruti Suzuki, ITC, ONGC, SBI and Power Grid fell 1-4 per cent.

India VIX, the measure of volatility in the market, dropped further 2.38 per cent to 75.77.

Sectoral matrix on NSE was mixed with Nifty IT, Nifty Pharma and Nifty Financial Services trading with gains of up to 3 per cent. Nifty Auto was the biggest loser, down 0.75 per cent.

Globally, a two-day equities rally lost momentum on Thursday, and investors sold riskier currencies.

MSCI's broadest index of Asia-Pacific shares outside Japan wobbled either side of flat. Japan's Nikkei slumped 4 per cent and U.S. stock futures fell 1 per cent.
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