Sensex crosses 30,000 mark, NSE Nifty up 9%

Top Stories

BSE Sensex, NSE Nifty, stock market

Dubai - The gains were led by banking, information technology and automobile shares.

By Staff Report

  • Follow us on
  • google-news
  • whatsapp
  • telegram

Published: Tue 7 Apr 2020, 8:40 AM

Last updated: Thu 9 Apr 2020, 7:13 PM

The S&P BSE Sensex rallied in afternoon trade as it surged by 2,491.75 points or nearly 9.03 per cent to 30,082.70 points and the broader NSE Nifty benchmark was at 8,795 level recording a rise of 711.20 points or 8.8 per cent. The gains were led by banking, information technology and automobile shares.
Analysts have attributed the rally to the news that the government could consider a phased exit from the national lockdown. Authorities are studying a proposal to partially lift restrictions in low-risk states and districts while continuing with stringent curbs in areas with the maximum number of cases, according to a report in Indian media.
India's decision to lift export restrictions on 24 drugs it imposed last month due to the virus amid indication by the US government that it will retaliate added to the rally in pharma stocks. The ban on export of paracetamol and its formulations continues, as per a Reuters report. India had restricted the exports of 26 ingredients and medicines, which accounted for 10 per cent of all Indian pharmaceutical exports and includes several antibiotics.
Among the top gainers in pharma stocks were Cadila Healthcare (up 12.56 per cent), Dr Reddys Laboratories (up 10.61 per cent), Cipla (up 10.59 per cent), Aurobindo Pharma (up 10.39 per cent), Torrent Pharmaceuticals (up 10.21 per cent), Sun Pharmaceutical Industries (up 8.99 per cent), Lupin (up 8.33 per cent), Biocon (up 7.66 per cent), Divis Laboratories (up 7.57 per cent) and Alkem Laboratories (up 2.5 per cent).
In the Nifty basket of 50 stocks, 47 traded higher. Top percentage gainers were IndusInd Bank, Mahindra & Mahindra, HCL Tech, Axis Bank, ICICI Bank and Infosys, trading between 5.78 per cent and 14.08 per cent higher. The top gainers in banking stocks were HDFC Bank (up 5.15 per cent), Infosys (5.87 per cent) and ICICI Bank (6.20 per cent) which together accounted for a gain of nearly 400 points in the Sensex.
Indian stock markets began trading on a positive note as global indices rallied on Monday morning on signs of a slowdown in coronavirus-related deaths. The S&P BSE Sensex index opened 1,307.41 points higher at 28,898.36, and the broader NSE Nifty benchmark started the day at 8,446.30, up 362.5 points from the previous close. The rupee was quoting at 75.92 against the US dollar and was at Dh20.67.
The markets remained shut on Monday for Mahavir Jayanti, and will also assume a holiday on April 10 for Good Friday, leaving only three trading days this week.
Analysts say volatility cannot be ruled out as investors assess the impact of the coronavirus pandemic on global economy
On Friday, the Sensex had ended 2.39 per cent or 674.36 points lower at 27,590.95 and the Nifty settled at 8,083.80, down 170.00 points (2.06 per cent) from the previous close.
Asian shares rose Tuesday, echoing the rally on Wall Street, amid a few glimmers of hope that the coronavirus pandemic could be slowing.
Japan's benchmark Nikkei 225 gained 1.3 per cent to 18,808.53 while South Korea's Kospi gained 1.2 per cent to 1,812.87. Hong Kong's Hang Seng added 0.7 per cent to 23,907.52, while the Shanghai Composite jumped 1.7 per cent to 2,814.09. 
Australia's S&P/ASX 200 edged 0.3per cent lower to 5,297.90. Shares rose in Taiwan and most of Southeast Asia, but fell 0.9 per cent in Indonesia. China on Tuesday reported no new deaths from the coronarivus over the past 24 hours and had 32 new cases, all from people who returned from overseas. The country that gave rise to the global pandemic has recorded 3,331 deaths and 81,740 total cases. Numbers of daily new deaths have been hovering in the single digits for weeks, hitting just one on several occasions.
business@khaleejtimes.com
With inputs from Reuters


More news from