Markets close on positive note: Sensex surges over 1,800 points, Nifty regains 8,200-mark; RIL zooms nearly 15%

The stock markets closed on a positive note for the second day today on the back of possible announcement of fiscal measures from the government.

FP Staff March 25, 2020 16:04:23 IST
Markets close on positive note: Sensex surges over 1,800 points, Nifty regains 8,200-mark; RIL zooms nearly 15%

The stock markets closed on a positive note for the second day today on the back of possible announcement of fiscal measures from the government.

Domestic market was also enthused by recovery in global stocks after the US Senate and White House reached agreement on a $2 trillion stimulus package for the US economy.

After opening on a choppy note, the BSE barometer ended 1,861.75 points or 6.98 percent higher at 28,535.78.

Similarly, the NSE Nifty settled 516.80 points, or 6.62 per cent, up at 8,317.85.

After opening on a choppy note, the BSE barometer ended 1,861.75 points or 6.98 per cent higher at 28,535.78.

Similarly, the NSE Nifty settled 516.80 points, or 6.62 per cent, up at 8,317.85.

Prime Minister Narendra Modi declared a central allocation of Rs 15,000 crore to strengthen the health infrastructure to tackle the disease.

Traders said that investors sentiments also got a boost amid hopes of economic stimulus from the government and expectation of interest rate cuts from the Reserve Bank of India (RBI).

The Sensex surged over 1,800 points while the Nifty regained 8,200-mark. Sensex zoomed 1861.75 points or 6.98 percent to 28,535.78 while Nifty jumped 496.75 points or 6.37 percent to 8,297.80 at close on Wednesday.

Markets close on positive note Sensex surges over 1800 points Nifty regains 8200mark RIL zooms nearly 15

Representative image. Reuters.

Reliance Industries was the top gainer surging up to 14.65 percent

Kotak Mahindra, Maruti, HDFC Bank, HDFC, and Titan were the other major gainers in the Sensex pack. IndusInd Bank, HCL Tech, ONGC and ITC were the top losers.

Receding uncertainty in domestic markets following defined lockdown announcement and assurance of domestic stimulus by the government boosted investor sentiment, said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi told PTI.

“The rally was supported by strength across the markets including large frontline and mid-small cap stocks ahead of expiry tomorrow (Thursday) which also played its part in terms of short-covering which added further fuel to the rally,” he added.

Further, global markets rallied after the White House and Senate reached a deal on a gigantic coronavirus stimulus bill, he pointed out.

Earlier in the day, the US Senate and White House reached agreement on a USD 2 trillion stimulus package for the US economy.

The deal aims to buttress the teetering economy by giving roughly USD 2 trillion to health facilities, businesses and ordinary Americans buckling under the strain of the coronavirus pandemic.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul rallied up to 8 per cent. Benchmarks in Europe were also trading up to 4 per cent higher.

Indices rally at mid-session

During the mid-session today, stock markets witnessed a rally with the BSE Sensex rising 1,600 points.

The indices gained steadily after a largely volatile trade earlier in the day.

The Nifty50 on the National Stock Exchange also rose over 400 points to trade above the psychological mark of 8,000 points.

At 1.24 PM, Sensex was at 28,300.55, higher by 1,626.52 points or 6.10 per cent from its previous close of 26,674.03

It had opened at 26,499.81 and so far touched an intra-day high of 28,331.22 and a low of 26,359.91.

The Nifty 50 traded at 8,234.90, higher by 433.85, higher by 5.56per cent from its previous close.

The surge in domestic markets was in line with the global indices. Asian markets rose after the the White House and Senate leaders in the US struck a major deal on Wednesday over a $2-trillion package relief to the world's largest economy amidst coronavirus pandemic.

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